In an article for The Boston Globe, Steve Annear notes that during an episode of “The Simpsons” Milhouse Van Houten predicts that MIT Prof. Bengt Holmström will win a Nobel prize in economics. Annear writes that “Milhouse’s prediction was spot on — but a few years too early. On Monday, Holmström finally earned his due.”
Charles Duxbury and Mike Bird write for The Wall Street Journal that Prof. Bengt Holmström is one of the recipients of the 2016 Nobel Prize in economics. Holmström was honored, in part, for developing a model that examines “how pay should be linked to performance and how an optimal contract carefully weighs risks against incentives.”
Prof. Bengt Holmström received the Nobel Prize in economics for his research on contract theory, writes Chris Giles for the Financial Times. Holmström, who said he was “dazed … very surprised and very happy” about winning the award, found “an optimal contract should link payments to outcomes that reveal the performance of either party to a contract.”
Lisa Mullins of WBUR’s All Things Considered speaks with Prof. Bengt Holmström about winning the Nobel Prize in economics for his work examining how contracts motivate and affect people’s behavior. Holmström explains, “incentives are not just about paying people, it is also about job design.”
Prof. Bengt Holmström and Harvard Prof. Oliver Hart were awarded the Noel Prize in economics for their work on how to design better contracts, Deirdre Fernandes and Hiawatha Bray report for The Boston Globe. “Bengt and Oliver’s research has not only helped us to better understand incentives and institutions, it has helped us design better ones,” explains Prof. James Poterba.
Jeff Guo writes for The Washington Post about Prof. Bengt Holmström, one of the recipients of this year’s Nobel Prize in economics. “It’s just such a richly deserved prize,” said Glenn Ellison, head of MIT’s economics department. “Bengt’s work is outstanding both for answering really important questions, and for how beautifully crafted it is mathematically.”
Associated Press reporter Karl Ritter writes that Prof. Bengt Holmström has been honored with the Nobel Prize in economics. ‘‘I certainly did not expect it, at least at this time, so I was very surprised and very happy, of course,’’ Holmström said.
Prof. Bengt Holmström won the Nobel Economics Prize for his work on contract theory, Daniel Dickson and Ross Kerber report for Reuters. "This theory has really been incredibly important, not just for economics, but also for other social sciences," said Prof. Per Stromberg, a member of the prize committee.
Prof. Daron Acemoglu discusses the work of Angus Deaton, who won the 2015 Nobel Prize in Economics, with Washington Post reporter Ana Swanson. “I think his understanding of how the world worked at the micro level made him extremely suspicious of these get-rich-quick schemes that some people peddled at the development level,” says Acemoglu.
Prof. and Nobel laureate Frank Wilczek provides readers of The Wall Street Journal with a glimpse into his everyday routines in this piece chronicling a week in his life. Wilczek writes that he spends most of one day “on my recent obsession: expanding perception.”
Charles H. Townes, a physicist whose long and distinguished career included service as MIT’s second provost, died Tuesday at age 99, reports Robert D. McFadden for The New York Times. While the Institute’s provost, Townes shared the 1964 Nobel Prize in physics for research that led to the development of the laser.