Written by John Lounsbury
Econintersect: Oliver Hart, Harvard University, delivered his Prize Lecture on 8 December 2016 at the Aula Magna, Stockholm University. He shared the Nobel prize in Economics for 2016 with Bengt Holmström, MIT. Both economists were recognized for their work on defining contract theory.
Grof. Hart describes the complexities of contracts using simple examples in this lecture. The theory that he helped define is a generalization of the examples he discusses.
Source: YouTube