Oliver Hart (economist) facts for kids
Quick facts for kids
Oliver Hart
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Oliver Hart at Nobel press conference in Stockholm, Sweden, December 2016
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Oliver Simon D'Arcy Hart
October 9, 1948 London, England
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| Nationality | British, American |
| Alma mater | King's College, Cambridge (BA) University of Warwick (MA) Princeton University (PhD) |
| Spouse(s) | Rita B. Goldberg |
| Children | 3 |
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| Awards | Nobel Memorial Prize in Economic Sciences (2016) |
| Scientific career | |
| Fields | Law and economics Corporate Finance |
| Institutions | Harvard University Massachusetts Institute of Technology London School of Economics |
| Thesis | Essays in the Economics of Uncertainty (1974) |
| Doctoral advisor | Michael Rothschild |
| Doctoral students | David S. Scharfstein Jeremy C. Stein Luigi Zingales Richard Holden |
Sir Oliver Simon D'Arcy Hart, born on October 9, 1948, is a famous British-American economist. He teaches at Harvard University. In 2016, he won the Nobel Memorial Prize in Economic Sciences with Bengt R. Holmström. They won for their important work on how agreements and businesses work.
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About Oliver Hart
Oliver Hart was born in Britain. His father, Philip D'Arcy Hart, was a medical researcher. His mother, Ruth Meyer, was a gynecologist.
His Education Journey
Oliver Hart studied mathematics at King's College, Cambridge. He earned his first degree there in 1969. Later, he got his master's degree in economics. This was from the University of Warwick in 1972. He then earned his Ph.D. in economics from Princeton University in 1974. His Ph.D. paper was about economics and uncertainty.
Teaching and Research Career
After his studies, he taught economics. He worked at the University of Essex and the London School of Economics. In 1984, he moved to the U.S. He taught at the Massachusetts Institute of Technology. Since 1993, he has been a professor at Harvard University. He led Harvard's economics department from 2000 to 2003.
Awards and Honors
Oliver Hart is a member of many important groups. These include the American Academy of Arts and Sciences. He has also received several honorary degrees. In 2016, he won the Nobel Prize in Economics. This was for his work on how contracts and ownership affect businesses. In 2023, he was made a Knight Bachelor. This honor was for his contributions to economic theory.
What He Studies
Oliver Hart is an expert in several areas of economics. These include contract theory, which is about how agreements work. He also studies the theory of the firm, which looks at how companies are organized. His work also covers corporate finance and law and economics.
Understanding Contracts and Companies
His main research focuses on how ownership and contracts shape companies. He looks at how businesses are run and what their limits are. He often studies "incomplete contracts." These are agreements that cannot cover every possible future event.
Real-World Impact of His Work
His ideas have been used in real-life situations. For example, he helped the government in some legal cases. Companies tried to get tax benefits after selling parts of their business. Hart's research helped show that if companies still controlled the sold parts, they shouldn't get the tax benefits. This shows how his theories can be used to understand business deals.
His Views on the Economy
In June 2024, Oliver Hart joined 15 other Nobel Prize winners in economics. They signed a letter about economic policies. They warned that certain policies could cause prices to rise in the United States. They also worried about limiting the independence of the Federal Reserve.
Personal Life
Oliver Hart is a citizen of both Britain and the United States. He is married to Rita B. Goldberg. She is a literature professor at Harvard. She also wrote a book about growing up with the Holocaust. They have two sons and two grandsons.
Books He Wrote
- Firms, Contracts, and Financial Structure (Oxford University Press, 1995).
See also
In Spanish: Oliver Hart para niños
- List of Jewish Nobel laureates
