Harvard's Oliver Hart and MIT's Bengt Holmström were awarded the 2016 Nobel Memorial Prize in Economic Sciences
https://www.washingtonpost.com/news/wonk/wp/2016/10/10/harvard-mit-professors-win-nobel-in-economics-for-research-on-contract-theory/
A detailed summary of the research work of OLIVER HART AND
BENGT HOLMSTRÖM