Two U.S. college professors are awarded a Nobel Prize.

FOX's Simon Owen reports from the European bureau:

Harvard Professor Oliver Hart and Bengt Holmstrom at M.I.T. winning the Nobel Prize in Economics:

(Nobel Committee) "This prize is about contracts."

The Nobel Committee saying Hart, who was born in Britain but is a U.S. citizen, and Finland-born Holmstrom are being recognized for their research into contract theory:

(Holmstrom) "Contracts is really a very fundamental phenomenon that I think affects all of us in society."

Whether that's your mortgage, or a CEO's salary, or even a political constitution. The committee saying the two economists have laid an intellectual foundation for designing policies.

They share prize money of more than $900,000.

In London, Simon Owen, FOX News.

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