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

Nicolai J. Foss; Peter G. Klein

doi:10.23941/ejpe.v9i2.234

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

Nicolai J. Foss, Peter G. Klein

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Abstract

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.

Original language	English
Journal	Erasmus Journal for Philosophy and Economics
Volume	9
Issue number	2
Pages (from-to)	167-180
Number of pages	14
ISSN	1876-9098
DOIs	https://doi.org/10.23941/ejpe.v9i2.234
Publication status	Published - 2016
Externally published	Yes

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

abstract = "We briefly summarize the contributions of Oliver Hart and Bengt Holmstr{\"o}m, 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.",

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AB - 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.

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DO - 10.23941/ejpe.v9i2.234

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