Экономическая статья на английском

-

Лауреаты получат 8 млн шведских крон ($920 000) на двоих.All the papers carry reports on Nobel Prize awards. One of the main front-page stories today is aboutOliver Hart and BengtHolmströmbeing announced as the winnersby the Royal Academy of Sciences in Stockholm, Sweden. The scientists have been awarded the Nobel Prize in economics for contributions to contract theory -- the agreements that shape business, finance and public policy.The reporter points out that both scientists are currently employed in the USA: Oliver Hart, is now teaching at Harvard, and BengtHolmström, is teaching at MIT.Contract theory is one of the youngest and fastest growing branches in the economic theory. The first work on it began in the early 1970s. However, it has been studied extensively in universities and has already gained awards of the Nobel Prize.The article gives basics of the contract theory and tells about areas where it might be applied.The author cites Swedish academics as saying that “Contracts are essential to the functioning of modern societies” and that "Hart's and Holmström's research sheds light on how contracts help us deal with conflicting interests."The author emphasizes that the winners of this year developed a comprehensive structure for the analysis of the diverse aspects of contractual schemes, such as reward for top managers, depending on their performance, the deductible and an additional payment of insurance and privatization of state enterprises.The auhor praises the new development of contract theory and its applications.The article declares that the contrcat theory is based on the main provisions of neoclassical economics, i.e. assumes the rationality of economic agents and the use of economic equilibrium theory and game theory. The reporter outlines that the prize for 2005 was awarded “for deepening the understanding of conflict and cooperation through game theory analysis” to show the close connection between these two modern economic science branches.In conclusion author provides us with the information about the amount of the prize: the pair of winners will receive 8 million Swedish krona ($920 000) from the committee.