Given the task definition and input, reply with output. In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.

STOCKHOLM (AP) — British-born Oliver Hart and Bengt Holmstrom of Finland won the Nobel Memorial Prize in Economic Sciences for their contributions to contract theory, shedding light on how contracts help people deal with conflicting interests. 
  
 The Royal Swedish Academy of Sciences said their theories "are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design." 
  
 For example, contract theory can be used to analyze performance-based pay for CEOs or deductibles and co-pays for insurance, the academy said. 
  
 The economics prize is not an original Nobel Prize. It was added to the others in 1968 by Sweden's central bank. 
  
 The Nobel Prizes in medicine, physics, chemistry and the Nobel Peace Prize were announced last week. This year's Nobel announcements will finish Thursday with the literature award. 
  
 Each award is worth 8 million kronor, or about $930,000. The laureates will collect them on Dec. 10, the anniversary of prize founder Alfred Nobel's death in 1896. ||||| Bengt Holmstrom 
  
 Short Biography 
  
 Bengt Robert Holmström is the Paul A. Samuelson Professor of Economics at Massachusetts Institute of Technology, where he was head of the Economics Department from 2003-2006. He holds a joint appointment with MIT’s Sloan School of Management. He is an elected fellow of the American Academy of Arts and Sciences, the Econometric Society and the American Finance Association, and an elected foreign member of the Royal Swedish Academy of Sciences and the Finnish Academy of Sciences and Letters. He is a research associate of the National Bureau of Economic Research (corporate finance). In 2011, he served as President of the Econometric Society. 
  
 He received his doctoral degree from Stanford University in 1978. Before joining MIT in 1994, he was the Edwin J. Beinecke Professor of Management at Yale University’s School of Management (1983-94) and associate professor at the Kellogg Graduate School of Management at Northwestern University (1979-82). 
  
 Holmström is a microeconomic theorist, best known for his research on the theory of contracting and incentives especially as applied to the theory of the firm, to corporate governance and to liquidity problems in financial crises. 
  
 He holds honorary doctorate degrees from the University of Vaasa, Finland, Stockholm School of Economics, Sweden, and the Hanken School of Economics, Finland. He was awarded the Banque de France-TSE Senior Prize in Monetary Economics and Finance in 2012, the Stephen A. Ross Prize in Financial Economics and the Chicago Mercantile Exchange – MSRI Prize for Innovative Quantitative Applications in 2013, and the Distinguished CES Fellow award from CESifo, Munich. 
  
 In 2016, he received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. 
  
 He is a board member of the Finnish Business and Policy Forum (EVA) (2005-), and a former board member of Aalto University in Finland (2010-2017) and the Nokia Corporation (1999-2012). ||||| These crawls are part of an effort to archive pages as they are created and archive the pages that they refer to. That way, as the pages that are referenced are changed or taken from the web, a link to the version that was live when the page was written will be preserved.Then the Internet Archive hopes that references to these archived pages will be put in place of a link that would be otherwise be broken, or a companion link to allow people to see what was originally intended by a page's authors.The goal is to fix all broken links on the web . Crawls of supported "No More 404" sites. ||||| Vitae 
  
 Journal of Finance bio 
  
 Oliver Hart is currently the Andrew E. Furer Professor of Economics at Harvard University, where he has taught since 1993. Hart works mainly on contract theory, the theory of the firm, corporate finance, and law and economics. His research centers on the roles that ownership structure and contractual arrangements play in the governance and boundaries of corporations. He has published a book (Firms, Contracts, and Financial Structure, Oxford University Press, 1995) and numerous journal articles. He has used his theoretical work on firms in two legal cases as a government expert (Black and Decker v. U.S.A. and WFC Holdings Corp. (Wells Fargo) v. U.S.A.). He is the 2016 co-recipient of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, a Fellow of the Econometric Society, the American Academy of Arts and Sciences, the British Academy, and the American Finance Association, a member of the National Academy of Sciences, and has several honorary degrees. He has been president of the American Law and Economics Association and a vice president of the American Economic Association. 
  
 January 2017 |||||

British-born Oliver Hart and Bengt Holmstrom of Finland won the Nobel Memorial Prize in Economic Sciences for their contributions to contract theory, shedding light on how contracts help people deal with conflicting interests. The Royal Swedish Academy of Sciences said their theories "are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design," per the AP. For example, contract theory can be used to analyze performance-based pay for CEOs or deductibles and co-pays for insurance, the academy said. As for what he thinks of bonuses resulting from contracts, an area that makes up an important part of his research, Holmstrom told reporters Monday morning, "My personal view is they are too complicated today," per the Guardian. Hart has spent his academic tenure in the US and is currently the Andrew E. Furer Professor of Economics at Harvard, where he's taught since 1993, per his university bio. Holmstrom, meanwhile, has also spent his academic career in the States and is now the Paul A. Samuelson Professor of Economics at MIT. The economics prize is not an original Nobel Prize: It was added to the others in 1968 by Sweden's central bank. The Nobel Prizes in medicine, physics, and chemistry and the Nobel Peace Prize were announced last week. This year's Nobel announcements will finish Thursday with the literature award. Each award is worth about $930,000. The laureates will collect them on Dec. 10, the anniversary of prize founder Alfred Nobel's death in 1896.