Professor Oliver Hart

Harvard University - Nobel Prize in Economics

3 October 2017
Versione stampabile

6.00 pm

Where: Department of Economics and Management, via Inama 5, Trento - “Alberto Silvestri” Conference room

Lectio Magistralis

  • Incomplete contracts and control

An interpreting service will be provided.


Oliver Simon D’Arcy Hart earned his degree in mathematics at Cambridge University (UK) in 1969 and his PhD in Economics at Princeton in 1974. He has been Andrew E. Furer Professor of Economics at Harvard University since 1993. His research Oliver Hart (Photo by Harvard University-Credits Martha Stewart)focuses on contract theory and, more specifically, on the roles that ownership structure and contractual arrangements (which are inevitably incomplete) play in the governance of corporations. His definition of residual control rights, that is the right to decide on matters not covered in a contract, led to a theory that is used to solve complex economic issues, like these: why are some businesses vertically integrated and others are not; why debt contracts can be the best way for a of company to find funding; are public services better provided by public or private entities? In 2016 he was awarded the Nobel Prize in Economic Sciences together with Bengt Holmström, from Finland, for his contribution to contract theory.

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