Kevin Bryan, 01 November 2016

Oliver Hart has been jointly awarded the 2016 Nobel Prize in Economic Sciences with Bengt Holmström “for their contributions to contract theory”. This column outlines his contributions to our understanding of the nature of the firm.

Federico Etro, 04 November 2010

Looking at the contracts for large oil paintings in Italy (1550-1750), this column finds evidence of strong competition between painters. Contracts were structured to address moral hazard problems, and prices closely reflected demand and supply conditions in an integrated market.

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