Nobel Prize in Economics 2016: All you must know about the winners

Stockholm: UK-born Oliver Hart and Finland-born Bengt Holmstrom won the 2016 Nobel Economics Prize for "their contributions to contract theory".

Here is all you must know about the Nobel Economics Prize 2016 winners.

1) Oliver Hart

Oliver Hart, born in 1948, is an economics professor at Harvard University in the United States. He was born in Britain.

Born in Britain, Hart earned his BA in mathematics at King's Callege Cambridge in 1969, hi MA in economics at University of Warwick in 1972, and his PdD in economics at Princeton University in 1974.

Afterwards, he joined Churchill College, Cambridge as fellow and London School of Economics as professor.

He also taught at Massacchusetts Institute of Technology. He serving at Harvard University since 1993.

2) Bengt Holmstrom

Bengt Holmstrom is a professor of economics and management at Massachusetts Institute of Technology.

Born on 18 April 1949, Holmstrom is a Finnish economist who is currently the Paul A. Samuelson Professor of Economics at the Massachusetts Institute of TechnologyHolmström received his B S in mathematics and science from the University of Helsinki, a Master of Science degree in Operations Research from Stanford University in 1975, and his PhD. from the Graduate School of Business at Stanford. He has been on the faculty of M.I.T. since 1994.

Holmström is particularly well known for his work on principal-agent theory.