Nobel Prize In Economics Awarded For Work On Business Contracts

Oliver Hart of Harvard University and Bengt Holmström of the Massachusetts Institute of Technology were awarded the Nobel Prize in Economic Science Monday for their work on contract theory, which covers the deals between companies and their employees or customers.

Here & Now's Jeremy Hobson speaks with Robert Gibbons of the Sloan School of Management at MIT about the prize-winning work.

Robert Gibbons, distinguished professor of management and organizational economics at the Massachusetts Institute of Technology. His department tweets @MITSloan.