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The Nobel Prize for Economics, the most prestigious prize in the field, has been awarded this year to American economist Richard Thaler. The prize, fully titled The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was announced by The Royal Swedish Academy of Sciences and will be awarded in a ceremony in Stockholm in December.

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.