Nobel Prizes and Laureates

Nobel Prizes and Laureates

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001
George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz

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A. Michael Spence - Facts

A. Michael Spence

A. Michael Spence

Born: 0 1943, Montclair, NJ, USA

Affiliation at the time of the award: Stanford University, Stanford, CA, USA

Prize motivation: "for their analyses of markets with asymmetric information"

Field: economics of information

Contribution: Showed how the able agents may improve the market outcome by taking costly action to signal information to poorly informed recipients. An important example is education as a signal of high individual productivity in the labor market. It is not necessary for education to have intrinsic value. Costly investment in education as such signals high ability.

Prize share: 1/3

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This Prize was established in memory of Alfred Nobel.