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Andrew Michael Spence (born November 7, 1943) is a Canadian-American economist and Nobel laureate. [3] Spence is the William R. Berkley Professor in Economics and Business at the Stern School of Business at New York University, and the Philip H. Knight Professor of Management, Emeritus, and Dean, Emeritus, at the Stanford Graduate ...
A. Michael Spence is a Nobel laureate in economics and the Philip H. Knight Professor and dean emeritus at Stanford Graduate School of Business. He studies economic growth, development, and information, and serves on various boards and commissions.
Michael Spence is an American economist who won the Nobel Prize for his work on markets with asymmetric information and signaling theory. He studied at Yale, Oxford and Harvard, and taught at Stanford as dean of the business school.
- Early Life and Education
- Notable Accomplishments
- The Bottom Line
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Born on November 7, 1943, in Montclair, New Jersey, Spence grew up in Canada. He studied at Princeton University, the University of Oxford, where he was a Rhodes Scholar, and Harvard University.
Awards and Honors
His early work earned Spence the John Bates Clark Medalof the American Economic Association, which was awarded to an American economist under 40 years of age who was deemed to have made the most important and valuable contributions to the areas of economic knowledge and insight. Spence has earned an assortment of other prestigious awards, including the John Kenneth Galbraith Prize for excellence in teaching and the David A. Wells Prize for the outstanding doctoral dissertation at Harvard. In...
Information Economics
Spence is most well known for his theory of market signaling under conditions of asymmetric information. This model is mostly applied to labor markets, but it can be referred to in other market contexts. Market signaling can occur when a job candidate has better information about their own productivity than a prospective employer and productivity varies across different types of workers. Higher productivity candidates have an incentive to credibly communicate their type to the prospective emp...
Development Economics
Spence led important empirical investigations of development economics as Chair of the Commission on Growth and Developments, sponsored by several national governments and the World Bank between 2006 and 2010. In general, these studies documented the success of the export-led growthstrategy, finding that 13 economies pursuing the strategy had consistently grown 7% or more annually for over 25 years.
Spence has made notable contributions to the field of economics, and in particular to theories around information economics, development economics, monopolistic competition, and industrial organization. His win of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2001 made him one of over twenty American Nobel laureates ...
Learn about the life, education, achievements, and awards of A. Michael Spence, who won the 2001 Nobel Prize in Economics for his theory of market signaling. Find out how he applied his theory to labor markets, development economics, and monopolistic competition.
Learn about the life and work of A. Michael Spence, the American-Canadian economist who won the Nobel Prize in Economic Sciences in 2001 for his contributions to the theory of market signaling. Read his biographical sketch, education, teachers, colleagues and research interests.
Aug 12, 2024 · Economist Michael Spence is the Philip H. Knight professor of management and dean emeritus at Stanford University's Graduate School of Business and an honorary...
Sep 10, 2024 · A. Michael Spence (born 1943, Montclair, New Jersey, U.S.) is an American economist who, with George A. Akerlof and Joseph E. Stiglitz, won the Nobel Prize for Economics in 2001 for laying the foundations for the theory of markets with asymmetric information.
