Reflections on the 2016 Nobel Memorial Prize for Contract Theory: (Oliver Hart and Bengt Holmstrom)

Nicolai Juul Foss, Peter G. Klein

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Abstrakt

We briefly summarize the contributions of Oliver Hart and Bengt Holmström, two key founders of modern contract theory, and describe their significance for the analysis of organizations and institutions. We then discuss the foundations of modern contract theory and review some criticisms related to modeling strategy, assumptions
about knowledge and cognition, and relevance. We conclude with some suggestions for advancing contract theory in a world of uncertainty, complexity, and entrepreneurship.
OriginalsprogEngelsk
TidsskriftErasmus Journal for Philosophy and Economics
Vol/bind9
Udgave nummer2
Sider (fra-til)167-180
Antal sider14
ISSN1876-9098
DOI
StatusUdgivet - 2016
Udgivet eksterntJa

Citationsformater