The Latest: Peer praises economics Nobel prize winners

The Latest on the Nobel prize in economics (all times local):

2:05 p.m.

Pennsylvania State University economist Ran Shorrer, who taught contract theory as a graduate student at Harvard, says Oliver Hart and Bengt Holmstrom have had a huge influence on the way corporations decide to pay executives.

He says that "any modern compensation scheme is informed by their work."

He describes Hart as "very polite. Very British... He's a great guy. He is a very senior guy, but he is very generous with his time."