It's that time of the year again - Nobel prize awards! After being awarded to a single recipient two years in a row (Deaton in 2015, Tirole in 2014), this year the Nobel in economics is shared by two worthy winners, both relatively unknown outside the economic arena. The reason is that both Oliver Hart from Harvard, and Bengt Holmstrom from MIT, are theorists. What is their area of expertise? Contract theory, arguably the most complex field in modern economics. Which is why this year's prize is another...