Rate My Professor Oliver Hart

Hart's research centers on contract theory, the theory of the firm, corporate governance, and the roles that ownership structures and contractual arrangements play in determining corporate boundaries and governance. He developed the theory of incomplete contracts in the 1980s, analyses that have been significant for the governance of companies and the design of laws and institutions. In recognition of these contributions, he shared the 2016 Sveriges Riksbank Prize in Economic Sciences with Bengt Holmström. Among numerous honors, he is a Fellow of the Econometric Society, the American Academy of Arts and Sciences, the British Academy, the American Finance Association, and a member of the National Academy of Sciences; he was knighted in the 2023 King’s Birthday Honours. Key publications include his book Firms, Contracts, and Financial Structure (Oxford University Press, 1995), seminal papers such as "Incomplete Contracts and the Theory of the Firm" (1988), "Property Rights and the Nature of the Firm" with John Moore (1990), "A Theory of Firm Scope" with Bengt Holmström (2010), and recent articles like "Exit vs. Voice" (2022) and "Private Sanctions" (2024). Hart's theoretical work on firms and contracts has been used in several legal cases and shapes discussions on corporate social responsibility.