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Bonuses, risk and moral hazard — an 8-point explainer of contract theory

Oliver Hart from Harvard and MIT professor Bengt Holmström won this year's Nobel Memorial Prize in Economics for their study of contracts and human behaviour in business. The field is known as contract theory. It is, partly at least, an attempt to find out how contracts between firms and employees can lead to short-termism and how those contracts could be better constructed.
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