Photo from the Nobel Foundation archive.
Born: 21 June 1914, Victoria, BC, Canada
Died: 11 October 1996, Harrison, NY, USA
Affiliation at the time of the award: Columbia University, New York, NY, USA
Prize motivation: "for their fundamental contributions to the economic theory of incentives under asymmetric information."
Contribution: Developed methods of analyzing the problems of incomplete, or asymmetrical, information. Specialized in auction theory.
Prize share: 1/2
See the list of all Nobel Prizes, awarded for "the greatest benefit to mankind."
In his will, Alfred Nobel left 31 million SEK to found the Nobel Prizes.
Medicine Laureate Shinya Yamanaka talks about the importance of taking risks.