Oliver Hart at Nobel press conference in Stockholm, Sweden, December 2016
Oliver Simon D'Arcy Hart
October 9, 1948
|Alma mater|| King's College, Cambridge BA |
University of Warwick MA
Princeton University PhD
|Spouse(s)||Rita B. Goldberg|
|Awards||Nobel Memorial Prize in Economic Sciences (2016)|
|Fields||Law and Economics|
|Institutions|| Harvard University |
Massachusetts Institute of Technology
London School of Economics
|Doctoral advisor||Michael Rothschild|
|Doctoral students|| David S. Scharfstein |
Jeremy C. Stein
Oliver Simon D'Arcy Hart (born October 9, 1948) is a British-born American economist, currently the Lewis P. and Linda L. Geyser University Professor at Harvard University. Together with Bengt R. Holmström, he received the Nobel Memorial Prize in Economic Sciences in 2016.
Oliver Hart was born in Britain to Philip D'Arcy Hart, a medical researcher, and Ruth Meyer, a gynecologist. Both his parents were Jewish; his father was a member of the Montagu family; Oliver's great-grandfather was Samuel Montagu, 1st Baron Swaythling.
Hart earned his BA in mathematics at King's College, Cambridge, in 1969 (where his contemporaries included the former Bank of England Governor Mervyn King), his MA in economics at the University of Warwick in 1972, and his PhD in economics at Princeton University in 1974. He was a Lecturer in Economics at University of Essex,a fellow at Churchill College, Cambridge, and then a professor at the London School of Economics. In 1984, he returned to the U.S., where he taught at the Massachusetts Institute of Technology and, since 1993, at Harvard University. He became the first Andrew E. Furer Professor of Economics in 1997 and was chairman of the Harvard economics department from 2000 to 2003. He is a fellow of the American Academy of Arts and Sciences, of the Econometric Society, of the American Finance Association, a corresponding fellow of the British Academy, and a member of the National Academy of Sciences. He has been president of the American Law and Economics Association and vice president of the American Economic Association, and has several honorary degrees.
In 2016, Hart won the Nobel Prize in Economics with Bengt Holmström for their work on contract theory, including his work on how ownership should be allocated and when contracting is beneficial over ownership.
Hart is an expert on contract theory, theory of the firm, corporate finance, and law and economics. His research centers on the roles that ownership structure and contractual arrangements play in the governance and boundaries of corporations. He has used his theoretical work on firms in two legal cases as a government expert (Black and Decker v. U.S.A. and WFC Holdings Corp. (Wells Fargo) v. U.S.A.) where companies claimed tax related benefits as a result from selling some of their business. The government used Hart's research to claim that because the companies retained control of the sold assets, they could not lay claim to the tax benefits.
Hart is an American citizen.He is married to Rita B. Goldberg, a Harvard literature professor and author of the second-generation Holocaust memoir Motherland: Growing Up With the Holocaust. They have two sons and two grandsons.
Gary Stanley Becker was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics.
An economist is a practitioner in the social science discipline of economics.
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.
Oliver Eaton Williamson is an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostrom.
In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as Law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations.
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market.
Sanford "Sandy" Jay Grossman is an American economist and hedge fund manager specializing in quantitative finance. Grossman’s research has spanned the analysis of information in securities markets, corporate structure, property rights, and optimal dynamic risk management. He has published widely in leading economic and business journals, including American Economic Review, Journal of Econometrics, Econometrica, and Journal of Finance. His research in macroeconomics, finance, and risk management has earned numerous awards. Grossman is currently Chairman and CEO of QFS Asset Management, an affiliate of which he founded in 1988. QFS Asset Management shut down its sole remaining hedge fund in January 2014.
Jean Tirole is a French professor of economics. He focuses on industrial organization, game theory, banking and finance, and economics and psychology. In 2014 he was awarded the Nobel Memorial Prize in Economic Sciences for his analysis of market power and regulation.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
Christopher Albert "Chris" Sims is an American econometrician and macroeconomist. He is currently the John J.F. Sherrerd '52 University Professor of Economics at Princeton University. Together with Thomas Sargent, he won the Nobel Memorial Prize in Economic Sciences in 2011. The award cited their "empirical research on cause and effect in the macroeconomy".
Michael Robert Kremer is an American development economist who is the Gates Professor of Developing Societies at Harvard University. In 2019 he was jointly awarded the Nobel Memorial Prize in Economics, together with Esther Duflo and Abhijit Banerjee, "for their experimental approach to alleviating global poverty."
Bengt Robert Holmström is a Finnish economist who is currently Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology. Together with Oliver Hart, he received the Central Bank of Sweden Nobel Memorial Prize in Economic Sciences in 2016.
Eric Stark Maskin is an American economist and 2007 Nobel laureate recognized with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". He is currently Adams University Professor and Professor of Economics and Mathematics at Harvard University.
Roger Bruce Myerson is an American economist and professor at the University of Chicago. He holds the title of the David L. Pearson Distinguished Service Professor of Global Conflict Studies at The Pearson Institute for the Study and Resolution of Global Conflicts in the Harris School of Public Policy, the Griffin Department of Economics, and the College. Previously, he held the title The Glen A. Lloyd Distinguished Service Professor of Economics. In 2007, he was the winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory." He was elected a Member of the American Philosophical Society in 2019.
The Barcelona Graduate School of Economics, commonly referred to as Barcelona GSE, is an independent institution of research and graduate education located in Barcelona, Spain. The School offers a variety of master's degrees in Economics, Finance, and Data Science. It has been ranked by RePEc among the top Economics Departments in the world.
John Halstead Hardman Moore CBE FBA FRSE is an economic theorist. He was appointed Professor of Political Economy at the University of Edinburgh School of Economics in 2000. Previously, in 1983, he was appointed to the London School of Economics, where in 1990 he became Professor of Economic Theory, a position he still holds.
Alvin Elliot Roth is an American academic. He is the Craig and Susan McCaw professor of economics at Stanford University and the Gund professor of economics and business administration emeritus at Harvard University. He was President of the American Economics Association in 2017.
Organizational economics involves the use of economic logic and methods to understand the existence, nature, design, and performance of organizations, especially managed ones.
In economic theory, the field of contract theory can be subdivided in the theory of complete contracts and the theory of incomplete contracts.
The Nancy L. Schwartz Memorial Lecture is a series of public lectures held every year by the Kellogg Department of Managerial Economics and Decision Sciences.
| Laureate of the Nobel Memorial Prize in Economics |
Served alongside: Bengt Holmström