Bill Prescott to Lead Friends of Hemming Park

[KenFSU]

The Nobel Prize in Economics was awarded this morning to Oliver Hart and Bengt Holmstrom for their fascinating work in contract theory:

http://www.wsj.com/articles/nobel-prize-in-economics-awarded-to-oliver-hart-and-bengt-holmstrom-for-work-on-contract-theory-1476093193

When I was reading the news this morning, I couldn't help but think of the FHP fiasco and how many of the problems and how many of the distractions could have been mitigated with a reasoned contract in place.

As an economics guy, I was exposed to these two in Urban Economics classes. Holmstrom has written some really interesting stuff about balancing risk and reward contractually, and Hart has really interesting stuff on structuring contracts in the face of imperfect information. They've combined to do some great stuff in the public sector. Below is a link to the high-level overview.

https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2016/popular-economicsciences2016.pdf

I think the city could really learn a lot from the work laid down by these two.