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2017, vol. 46, iss. 1, pp. 116-123
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Contracts exist to regulate the relations of power
Ugovori postoje da bi regulisali odnose moći
Abstract
Bengt Holmstrom and Oliver Hart share the Nobel Prize in Economic Sciences for 2016, awarded to them by Sveriges Riksbank. They have been rewarded for their work in enhancing the design of contracts, i.e. arrangements connecting employers with employees or companies with clients, in other words, for their contribution to contract theory in the 1970s and 1980s. Their analysis of optimal contractual arrangements lays an intellectual foundation for designing policies and institutions in many areas, from bankruptcy legislation to political constitutions. Holmstrom conducted a deeper analysis of performance-based payments, specifically the cases when the invested efforts and labor cannot always be properly assessed. Holmstrom's work, started in the late 1970s, presented the evidence that companies should tie the payments to the broadest possible assessment of their employees' performance. His later work focused on the advantages provided by easily understandable contracts covering the basic aspects of salary alongside the limited incentives.
Sažetak
Bengt Holmstrom i Oliver Hart dele Nobelovu nagradu za ekonomiju koju im je dodelila Sveriges Riksbank za 2016. godinu. Nagrađeni su za rad na unapređenju sastavljanja ugovora, dogovora koji povezuje poslodavce sa radnicima ili kompanije sa klijentima, odnosno za svoj doprinos teoriji o ugovaranju tokom sedamdesetih i osamdesetih godina prošlog veka. Njihova analiza optimalnih ugovorenih aranžmana postavila je intelektualnu bazu za kreiranje poslovne politike i uspostavljanje institucija u mnogim oblastima, počev od zakona o bankrotstvu do političkih struktura. Holmstrom je izvršio dublju analizu pitanja plaćanja učinka, oblasti u kojoj se uložen trud i rad ne mogu uvek na pravi način vrednovati. Rad Holmstroma započet krajem sedamdesetih prezentirao je dokaze da kompanije treba da vežu plaćanje za najširu moguću ocenu učinka zaposlenog. Njegov kasniji rad je usmeren na pogodnosti koje pruža lako razumljiv ugovor koji obuhvata osnovna pitanja primanja uz ograničena podsticajna sredstva.
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References
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*** (2016) Oliver Hart and Bengt Holmstrom Win the Nobel Prize for Economic Sciences. Economist, 10.10
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*** Bengt Holmstrom: Short Biography. MIT Economics
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*** (2016) Sad je malo kasno: Nobelovac Oliver Hart smatra da je eur bila pogreška. Politika Plus/Hina, 11.12
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Binyamin, A. (2016) Oliver Hart and Bengt Holmstron Win Nobel in Economics for Work on Contracts. The New York Times, 10.10
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Hart, O., Holmstrom, W.2016 N.E.P.B. (2016) Chris Giles. Financial Times, 10; 10
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Nobelprize.org. (2014) Bengt Holmström: Photo. Nobel Media AB, Web. 30 Mar 2017. http://www.nobelprize.org/nobel_ prizes/economic-sciences/laureates/2016/holmstrom-photo.html
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Pantelić, S. (2016) Doprinos teoriji ugovaranja. Bankarstvo, vol. 45, br. 4, str. 168-177
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Smith, A. Bengt Holmstrom: Interview. www.nobelprize.org
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