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Researchers Oliver Hart and Bengt Holmstrom have won the Nobel Prize in economics for 2016, the award committee announced Monday. The British and Finland-born economists, respectively, were given the award for their work on contract theory, which has provided a greater understanding of performance-based pay for top global executives. The Royal Swedish Academy of Sciences announced the award, adding, “[Their work] lays an intellectual foundation for designing policies and institutions in many areas, from bankruptcy legislation to political constitutions.” Hart is working at Harvard. Holmstrom is a professor of economics at the Massachusetts Institute of Technology.