Contract theory in everyday life Fri Nov 4, 2016 9:42AM HomeProgramsEconomic Divide MIT Professor Bengt Holmstrom is seen during a press conference at MIT announcing his shared Nobel Prize in Economics with Harvard Professor Oliver Hart, in Cambridge, Massachusetts, October 10, 2016. (Photo by AFP) Embed <iframe src="http://PressTV.com/Default/Embed/492083" width="580" height="326" frameborder="0"></iframe> Download The much coveted Nobel Prize in Economics was recently handed out. The topic: Contract theory. What is contract theory? And How does it apply to everyday life and the economy?