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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


How many public and private companies has he served on boards of directors for?

Numerous public and private companies.

What did Spence receive the Nobel Memorial Prize for?

He received the prize for his analysis of information asymmetry - specifically of how individuals can use their education credentials as a signal to potential employers.

Who are some notable economists who have worked with Michael Spence?

George Akerlof and Joseph Stiglitz are two notable economists who have worked with Michael Spence on various projects over time.

What are some research subjects that Spence has studied?

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

What is Michael Spence's profession?

He is a Canadian-American economist and Nobel laureate.

How did Michael Spence come to be known as an economist?

His job market signaling model inspired research into this branch of contract theory. In this model employees signal their respective skills to employers by acquiring a certain degree or diploma from an accredited institution that has been approved by the employer in question. This was later expanded upon by other economists such as  a href="wikiAlvinEliason" title="Alvin E. Eliason" Alvin E. Eliason a .

What is one thing that most people do not know about Michael Spence?

One thing that most people do not know about Michael Spence is that he was born in Montclair New Jersey but grew up in Canada after moving there when he was just three years old due to World War II breaking out while he was still living in America during those times..

Who is A. Michael Spence?

An American economist who has won the Nobel Memorial Prize in Economic Sciences.

What is one thing that you find interesting about him personally or professionally speaking?

I find it interesting how even though he received his PhD from Harvard University back in 1971 (at age 27) which makes him one of the youngest individuals ever to receive said degree

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