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Spence is probably most famous for his job-market [[Signaling (economics)|signaling]] model, which essentially triggered the enormous volume of literature in this branch of [[contract theory]]. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly. |
Spence is probably most famous for his job-market [[Signaling (economics)|signaling]] model, which essentially triggered the enormous volume of literature in this branch of [[contract theory]]. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly. |
||
Spence did his middle and high school education at the [[University of Toronto Schools]] of the [[University of Toronto]]. In 1966, he was awarded a [[Rhodes Scholarship]] at [[Oxford University]] upon graduation from [[Princeton University]] with a degree in [[Philosophy]]. He studied [[Mathematics]] at Oxford. Spence is a former Dean of the [[Stanford Graduate School of Business]] and is presently the Chairman of the [[Growth Commission|Commission on Growth and Development.]] |
Spence did his middle and high school and has big bug eyes education at the [[University of Toronto Schools]] of the [[University of Toronto]]. In 1966, he was awarded a [[Rhodes Scholarship]] at [[Oxford University]] upon graduation from [[Princeton University]] with a degree in [[Philosophy]]. He studied [[Mathematics]] at Oxford. Spence is a former Dean of the [[Stanford Graduate School of Business]] and is presently the Chairman of the [[Growth Commission|Commission on Growth and Development.]] |
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Spence joined the faculty of [[New York University Stern School of Business]] on September 1, 2010.<ref>{{Cite web |url=http://w4.stern.nyu.edu/newsroom/awards.cfm?doc_id=102347 |title=A. Michael Spence, Nobel Economist, to Join NYU Stern |date=February 22, 2010 |work=NYU Stern }}.</ref> |
Spence joined the faculty of [[New York University Stern School of Business]] on September 1, 2010.<ref>{{Cite web |url=http://w4.stern.nyu.edu/newsroom/awards.cfm?doc_id=102347 |title=A. Michael Spence, Nobel Economist, to Join NYU Stern |date=February 22, 2010 |work=NYU Stern }}.</ref> |
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Revision as of 16:34, 8 May 2013
Michael Spence | |
|---|---|
 | |
| Born | November 7, 1943 |
| Nationality | United States |
| Academic career | |
| Institution |
Harvard University Stanford University SDA Bocconi School of Management New York University |
| Field | Microeconomics |
| Alma mater |
Harvard University, (Ph.D.) University of Oxford, (B.A.) Princeton University, (B.A.) |
| Influences |
Kenneth Arrow Thomas Schelling Richard Zeckhauser |
| Contributions | Signaling theory |
| Awards |
John Bates Clark Medal (1981) Nobel Memorial Prize in Economics (2001) |
| Information at IDEAS / RePEc | |
Andrew Michael Spence (born November 7, 1943) is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. He conducted this research while at Harvard University.
Spence is probably most famous for his job-market signaling model, which essentially triggered the enormous volume of literature in this branch of contract theory. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly.
Spence did his middle and high school and has big bug eyes education at the University of Toronto Schools of the University of Toronto. In 1966, he was awarded a Rhodes Scholarship at Oxford University upon graduation from Princeton University with a degree in Philosophy. He studied Mathematics at Oxford. Spence is a former Dean of the Stanford Graduate School of Business and is presently the Chairman of the Commission on Growth and Development.
Spence joined the faculty of New York University Stern School of Business on September 1, 2010. [1]
He is currently a senior fellow at Stanford University's Hoover Institution.
He has also been a consistent contributor to Project Syndicate, an international newspaper syndicate, since 2008. Among his beliefs are that high-frequency trading should be banned. [2]
Selected works
- Spence, A. M. (1973). "Job Market Signaling". Quarterly Journal of Economics. 87 (3). The MIT Press: 355–374.
doi:
10.2307/1882010.
JSTOR
1882010.
{{ cite journal}}: Cite has empty unknown parameters:|month=and|coauthors=( help) - Spence, A. M. (1974). Market Signaling: Informational Transfer in Hiring and Related Screening Processes. Cambridge: Harvard University Press.
{{ cite book}}: Cite has empty unknown parameter:|coauthors=( help) - Spence, A. M. (May 2011). The Next Convergence: The Future of Economic Growth in a Multispeed World. New York: Farrar, Straus and Giroux.
{{ cite book}}: Cite has empty unknown parameter:|coauthors=( help)
See also
References
External links
- Michael Spence Senior Fellow at Hoover Institution, Stanford University
- Signaling in Retrospect and the Informational Structure of Markets 2001 lecture at NobelPrize.org
- Profile and Papers at Research Papers in Economics/RePEc
- Appearances on C-SPAN
- Michael Spence on Charlie Rose
- Template:Worldcat id
- Spence on Growth at EconTalk
- Website for [1]"The Next Convergence: The Future of Economic Growth in a Multispeed World" by Michael Spence
| International | |
|---|---|
| National | |
| Academics | |
| People | |
| Other | |
| Warning | Local parameters are deprecated. |
- 1943 births
- Living people
- Information economists
- University of Toronto alumni
- Alumni of the University of Oxford
- Alumni of Magdalen College, Oxford
- Harvard University alumni
- Harvard University faculty
- New York University faculty
- Princeton University alumni
- Nobel laureates in Economics
- Harvard Centennial Medal recipients
- Canadian Rhodes scholars
- Stanford University Graduate School of Business faculty
- People from Montclair, New Jersey
- Canadian economists
- Canadian Nobel laureates
- American economists
- Hoover Institution people
Discospinster (
talk |
contribs)
m Reverted edits by
205.235.52.10 (
talk) to last revision by ClueBot NG (
HG) |
No edit summary |
||
| Line 27: | Line 27: | ||
Spence is probably most famous for his job-market [[Signaling (economics)|signaling]] model, which essentially triggered the enormous volume of literature in this branch of [[contract theory]]. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly. |
Spence is probably most famous for his job-market [[Signaling (economics)|signaling]] model, which essentially triggered the enormous volume of literature in this branch of [[contract theory]]. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly. |
||
Spence did his middle and high school education at the [[University of Toronto Schools]] of the [[University of Toronto]]. In 1966, he was awarded a [[Rhodes Scholarship]] at [[Oxford University]] upon graduation from [[Princeton University]] with a degree in [[Philosophy]]. He studied [[Mathematics]] at Oxford. Spence is a former Dean of the [[Stanford Graduate School of Business]] and is presently the Chairman of the [[Growth Commission|Commission on Growth and Development.]] |
Spence did his middle and high school and has big bug eyes education at the [[University of Toronto Schools]] of the [[University of Toronto]]. In 1966, he was awarded a [[Rhodes Scholarship]] at [[Oxford University]] upon graduation from [[Princeton University]] with a degree in [[Philosophy]]. He studied [[Mathematics]] at Oxford. Spence is a former Dean of the [[Stanford Graduate School of Business]] and is presently the Chairman of the [[Growth Commission|Commission on Growth and Development.]] |
||
Spence joined the faculty of [[New York University Stern School of Business]] on September 1, 2010.<ref>{{Cite web |url=http://w4.stern.nyu.edu/newsroom/awards.cfm?doc_id=102347 |title=A. Michael Spence, Nobel Economist, to Join NYU Stern |date=February 22, 2010 |work=NYU Stern }}.</ref> |
Spence joined the faculty of [[New York University Stern School of Business]] on September 1, 2010.<ref>{{Cite web |url=http://w4.stern.nyu.edu/newsroom/awards.cfm?doc_id=102347 |title=A. Michael Spence, Nobel Economist, to Join NYU Stern |date=February 22, 2010 |work=NYU Stern }}.</ref> |
||
Revision as of 16:34, 8 May 2013
Michael Spence | |
|---|---|
|
| |
| Born | November 7, 1943 |
| Nationality | United States |
| Academic career | |
| Institution |
Harvard University Stanford University SDA Bocconi School of Management New York University |
| Field | Microeconomics |
| Alma mater |
Harvard University, (Ph.D.) University of Oxford, (B.A.) Princeton University, (B.A.) |
| Influences |
Kenneth Arrow Thomas Schelling Richard Zeckhauser |
| Contributions | Signaling theory |
| Awards |
John Bates Clark Medal (1981) Nobel Memorial Prize in Economics (2001) |
| Information at IDEAS / RePEc | |
Andrew Michael Spence (born November 7, 1943) is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. He conducted this research while at Harvard University.
Spence is probably most famous for his job-market signaling model, which essentially triggered the enormous volume of literature in this branch of contract theory. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly.
Spence did his middle and high school and has big bug eyes education at the University of Toronto Schools of the University of Toronto. In 1966, he was awarded a Rhodes Scholarship at Oxford University upon graduation from Princeton University with a degree in Philosophy. He studied Mathematics at Oxford. Spence is a former Dean of the Stanford Graduate School of Business and is presently the Chairman of the Commission on Growth and Development.
Spence joined the faculty of New York University Stern School of Business on September 1, 2010. [1]
He is currently a senior fellow at Stanford University's Hoover Institution.
He has also been a consistent contributor to Project Syndicate, an international newspaper syndicate, since 2008. Among his beliefs are that high-frequency trading should be banned. [2]
Selected works
- Spence, A. M. (1973). "Job Market Signaling". Quarterly Journal of Economics. 87 (3). The MIT Press: 355–374.
doi:
10.2307/1882010.
JSTOR
1882010.
{{ cite journal}}: Cite has empty unknown parameters:|month=and|coauthors=( help) - Spence, A. M. (1974). Market Signaling: Informational Transfer in Hiring and Related Screening Processes. Cambridge: Harvard University Press.
{{ cite book}}: Cite has empty unknown parameter:|coauthors=( help) - Spence, A. M. (May 2011). The Next Convergence: The Future of Economic Growth in a Multispeed World. New York: Farrar, Straus and Giroux.
{{ cite book}}: Cite has empty unknown parameter:|coauthors=( help)
See also
References
External links
- Michael Spence Senior Fellow at Hoover Institution, Stanford University
- Signaling in Retrospect and the Informational Structure of Markets 2001 lecture at NobelPrize.org
- Profile and Papers at Research Papers in Economics/RePEc
- Appearances on C-SPAN
- Michael Spence on Charlie Rose
- Template:Worldcat id
- Spence on Growth at EconTalk
- Website for [1]"The Next Convergence: The Future of Economic Growth in a Multispeed World" by Michael Spence
| International | |
|---|---|
| National | |
| Academics | |
| People | |
| Other | |
| Warning | Local parameters are deprecated. |
- 1943 births
- Living people
- Information economists
- University of Toronto alumni
- Alumni of the University of Oxford
- Alumni of Magdalen College, Oxford
- Harvard University alumni
- Harvard University faculty
- New York University faculty
- Princeton University alumni
- Nobel laureates in Economics
- Harvard Centennial Medal recipients
- Canadian Rhodes scholars
- Stanford University Graduate School of Business faculty
- People from Montclair, New Jersey
- Canadian economists
- Canadian Nobel laureates
- American economists
- Hoover Institution people