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A. Michael Spence

Definition

Andrew Michael Spence is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development.

What is 'A. Michael Spence'

An American economist who has won the Nobel Memorial Prize in Economic Sciences. Spence is a professor emeritus of management in the Graduate School of Business at Stanford University, and a senior fellow at the Hoover Institution - a Stanford-based free-market think tank. Spence received the Nobel Memorial Prize in 2001, along with George Akerlof and Joseph Stiglitz, for his analysis of information asymmetry - specifically of how individuals can use their education credentials as a signal to potential employers. Spence is also a recipient of the John Bates Clark Medal. Prior to teaching at Stanford, Spence taught economics and business administration at Harvard.

Explaining 'A. Michael Spence'

Born in 1943 in New Jersey, Spence grew up in Canada. His research subjects include emerging markets, information economics, dynamic competition and leadership's effect on economic growth. He has also served as a director on the boards of numerous public and private companies.


Further Reading


Investment strategy and growth in a new market
heinonline.org [PDF]
This paper studies the strategic interaction among firms in a growing market. It focuses upon the investment decisions of the firms. Central to the analysis is the idea that investment and growth for the firm are constrained by physical and financial factors. Firms that enter early …

Markets with asymmetric information: the contributions of George Akerlof, Michael Spence and Joseph StiglitzMarkets with asymmetric information: the contributions of George Akerlof, Michael Spence and Joseph Stiglitz
www.jstor.org [PDF]
This paper studies the strategic interaction among firms in a growing market. It focuses upon the investment decisions of the firms. Central to the analysis is the idea that investment and growth for the firm are constrained by physical and financial factors. Firms that enter early …

The economics of internal organization: An introductionThe economics of internal organization: An introduction
www.jstor.org [PDF]
This paper studies the strategic interaction among firms in a growing market. It focuses upon the investment decisions of the firms. Central to the analysis is the idea that investment and growth for the firm are constrained by physical and financial factors. Firms that enter early …

A Nobel Prize for asymmetric information: the economic contributions of George Akerlof, Michael Spence and Joseph StiglitzA Nobel Prize for asymmetric information: the economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz
www.tandfonline.com [PDF]
This paper studies the strategic interaction among firms in a growing market. It focuses upon the investment decisions of the firms. Central to the analysis is the idea that investment and growth for the firm are constrained by physical and financial factors. Firms that enter early …

Managing resource revenues in developing economiesManaging resource revenues in developing economies
link.springer.com [PDF]
This paper studies the strategic interaction among firms in a growing market. It focuses upon the investment decisions of the firms. Central to the analysis is the idea that investment and growth for the firm are constrained by physical and financial factors. Firms that enter early …



Q&A About A. Michael Spence


Is Spence married or single ?

Married with two children .

What is the name of the economist?

A. Michael Spence.

Who are some companies that he has served on the board of directors for?

Numerous public and private companies including Google, Microsoft, and General Electric.

What subjects does Spence research on?

Emerging markets, information economics, dynamic competition and leadership's effect on economic growth.

What did he win a Nobel Prize for?

For his analysis of information asymmetry - specifically of how individuals can use their education credentials as a signal to potential employers.

Does Spence still teach at Stanford University?

Yes, emeritus professor of management at Stanford University's Graduate School of Business .

How many times has he won a John Bates Clark Medal?

Once, in 1971.

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