Finnish Professor Bengt Holmstrom, of the Massachusetts Institute of Technology, left, smiles while speaking with MIT President L. Rafael Reif following a news conference, Monday, Oct. 10, 2016, on the campus of MIT in Cambridge, Mass. The Nobel Memorial Prize in economic sciences was awarded Monday to Oliver Hart and Holmstrom, who will share the prize. The Nobel jury praised the winners “for their contributions to contract theory.”

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