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Oliver Hart and Bengt Holmström win The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

The pair were awarded the prize "for their contributions to contract theory."

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Oliver Hart and Bengt Holmström win The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

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Oliver Hart and Bengt Holmström have won The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

The award is unusual in that it is not technically a Nobel Prize, but was instead created in memory of Alfred Nobel.

However, Hart and Holmström will nonetheless receive their prize with the other Nobel laureates at a ceremony in Stockholm on December 10.

The pair were awarded the prize “for their contributions to contract theory.”

British-born Oliver Hart is an economics professor at Harvard University, while Finnish economist Bengt Holmström teaches at the Massachusetts Institute of Technology (MIT).