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Aalto University Board member, Professor Bengt Holmström, and his colleague, Professor Oliver Hart, were awarded the Nobel Prize for their contributions to contract theory. The new theoretical tools created by Holmström and Hart are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design.

Professor Bengt Holmström has been a member of the Board of Aalto University since its establishment.

“The Aalto University community congratulates Professor Bengt Holmström on his amazing achievement. The prize is a testament to his unique work. We are very lucky to have had his expertise at the University”, says Anne Brunila, Chair of the Board of Aalto University.

President of Aalto University, Tuula Teeri, agrees, "Bengt Holmström has long belonged to the top economists in the world. He participates actively in the public debate in Finland, especially in issues regarding science and education. It has been a pleasure to build the new Aalto University together with him."

Bengt Holmström, Ph.D., born 1949 in Finland, is Professor of Economics at Massachusetts Institute of Technology (MIT) in the United States and has previously worked as a Professor at Yale University. Holmström holds a number of posts of responsibility in academies, research institutes, and in industry.