UK-born Oliver Hart and Bengt Holmstrom of Finland have won the Nobel Economics Prize for work on contract theory.

Judges said their work laid “an intellectual foundation” for policies in areas such as bankruptcy legislation and political constitutions.

The pair will receive 8 million Swedish kroner (£744,652) from the committee.

It comes after Nobel prizes for physiology or medicine, physics, chemistry and peace were awarded last week.

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