Psychological contracts are the beliefs, perceptions, and informal obligations between an employer and an employee. Such contracts have long been conceived of as targeting a person, but with the ...

Social contract theory is an ancient philosophical idea that states that an individual's ethical and political obligations relate to an agreement he has with every other individual within a society.

Contracts permeate our lives: just think of the contract with your employer or your insurance provider or your bank to get a loan -- even your marriage is a contract. But why are they designed the way ...

Two professors and economists—Oliver Hart and Bengt Holmström—received the Nobel Prize in Economic Sciences Monday for their insights into modern contract theory, specifically how businesses and ...

Oliver Hart from Harvard and MIT professor Bengt Holmström won this year's Nobel Memorial Prize in Economic Sciences for their study of contracts and human behaviour in business. The field is known as ...

The decision to award the Nobel Prize in economics this year to Oliver Hart and Bengt Holmstrom for their work in contract theory is further proof that some of the best work in economics is being done ...

The social contract, like the contract we think of in ordinary legal parlance, is what the law dictionary terms ‘commutative’ – “in which what is done, given, or promised by one party is considered as ...

Harvard’s Oliver Hart and Bengt Holmström from the Massachusetts Institute of Technology have won the Nobel Prize for economics for their research into contract theory. Their contributions have helped ...