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This year, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2016 has been awarded to both Oliver Hart, Professor of Economics at Harvard University and Bengt Holmström, Professor of Economics at the Massachusetts Institute of Technology. The Nobel Prize in Economics was given to the Professors for their contributions to contract theory, as mentioned by the Royal Swedish Academy of Sciences in their press release.

It's the time of year when the winners of the 2015 Nobel Prizes are announced, to recognise extraordinary achievements in the sciences and humanities. We're introducing the winners below and sharing some information about their incredible work.