Oliver Hart and Bengt Holmstrom win the Nobel Prize

Hey, they announced it early this year!  Good thing I got up.  I’ll be revising a few (separate) posts throughout the morning, they will start out small and grow, so keep on hitting refresh.

These are theory choices in Industrial Organization, two very famous, well-deserving economists at the top of the field.  They focused on “theory of the firm,” internal organization, incentives,, and principal-agent problems.  More to come!

Here is the announcement.  After Jean Tirole two years ago, I wasn’t expecting another IO prize so soon…

Comments

This comes two years after Tirole! That made it hard to predict. Too much on IO theory too soon, some may say. I say, bravo!

If you're going to have a pretendy Nobel in Economics, far better to have it for work that might inform the way people look at firms, than award it for the astrology that is macroeconomics.
Well done to the pair of them.

Nice, I now took a seminar co-led by a Nobel winner. Perhaps I can get a raise.

No, they didn't. Because there is no Nobel Prize in economics. The prize they won was created by Sweden’s Central Bank in 1969 and is called the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.”

"Hey, they announced it early this year! Good thing I got up."

Well it had been pre-announced that the Econ prize winner would be announced today (Monday). E.g. the NY Times last week said:

"The Nobel Memorial Prize in Economic Science will be announced on Monday, Oct. 10, in Sweden."

http://www.nytimes.com/2016/10/05/science/nobel-prize-physics-topology.html?_r=0

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