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.
A. Michael Spence
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]
- Markets with asymmetric information: the contributions of George Akerlof, Michael Spence and Joseph Stiglitz – www.jstor.org [PDF]
- The economics of internal organization: An introduction – www.jstor.org [PDF]
- A Nobel Prize for asymmetric information: the economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz – www.tandfonline.com [PDF]
- Managing resource revenues in developing economies – link.springer.com [PDF]
