Finnish professor Bengt Holmström and UK-born Oliver Hart have won the Nobel economics prize for work on contract theory.

Holmström, 67, is known for his research into how contracts and incentives affect corporate behavior.

In a comment to Helsingin Sanomat, Jorma Ollila, former CEO of Nokia, says “This is a prize for Ben for which I want to warmly congratulate him. In some way this is also recognition to Finnish science, because Holmström is in constant contact with Finland and began his studies here. His ability to question widely accepted “truths” is phenomenal. Professors also are very rarely able to ponder issues on such a practical level.”

Holmström was on the Nokia board of directors in 1999-2012 at which time Ollila was the chairman of the board.

Holmström was born in Helsinki and has been professor of economics at the Massachusetts Institute of Technology since 1994; before that he held the post of professor of economics at Yale. He will share the 8 million Swedish krone prize with Hart.