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