From 1975 to 1981, Oliver Hart was an Assistant Lecturer and then Lecturer at the Faculty of Economics and a Fellow of Churchill College. He was born in London in 1948, and studied Mathematics as an undergraduate at Kings College. He gained his PhD from Princeton University in 1974. Professor Hart is currently the Andrew E. Furer Professor of Economics at Harvard University.
The Nobel Assembly said, "Modern economies are held together by innumerable contracts. The new theoretical tools created by Hart and Holmström are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design. This year's laureates have developed contract theory, a comprehensive framework for analysing many diverse issues in contractual design, like performance-based pay for top executives, deductibles and co-pays in insurance, and the privatisation of public-sector activities."
Prof Sanjeev Goyal
Chair of Faculty
