The Royal Swedish Academy of Sciences named after Alfred Nobel identified two laureates on Riksbank Prize (Central Bank of Sweden) in Economic Sciences for 2016.
Professor of Economics, Oliver Hart (UK) at Harvard University and Professor of Economics, Bengt Holmstrom at University of Massachusetts on (Finland) have won the Nobel Economics Prize for their work on contract theory. Unlike the Nobel Prize in physics, chemistry, medicine, literature, peace and etc., the economics prize is unique among the Nobel awards in that it was created by the Swedish central bank in 1968 - the others were all set up through the 1895 will of Swedish inventor and philanthropist Alfred Nobel. We should note that the Nobel prize consists of a eight million Swedish kronor ($922,000 US dollar) (economics.com.az).
