Nobel Laureate Oliver Hart to Give a Public Lecture at CERGE-EI

Professor Oliver Hart (Harvard University), 2016 co-recipient of the Nobel Prize in Economic Sciences, will visit CERGE-EI and give a public lecture: "A New Approach to Contracts".

"It has been a tradition that world-famous economists come to CERGE-EI as a part of our Distinguished Speakers Series. We are excited that this time we will welcome Professor Hart and his wife Rita Goldberg who are both remarkable and inspiring personalities," said CERGE-EI Director Sergey Slobodyan.

Professor Hart will speak about the concept of "formal relational contracts". Unlike traditional contracts, formal relational contracts set up a relationship where the parties search for a mutually beneficial solution or a way to achieve their goals.Therefore this new approach might be successfully applied to build long-term complicated relationships like strategic alliances, joint ventures, franchises, public-private partnerships, major construction projects, and collective bargaining agreements.

Oliver Hart was awarded the Nobel Prize for his work on contract theory. Even though it is theoretical, his research has many practical applications. For example, when thinking about all basic types of agreement such as insurance contracts, purchase and loan contracts, or employment contracts.

The lecture will be held on Monday, March 16 at 11:00 at CERGE-EI and you have to register as the seats are limited.