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| death_place = |
| death_place = |
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| nationality = [[United States]] |
| nationality = [[United States]] |
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| institution = [[ |
| institution = [[Kutztown University]]<br>[[Montco University]]<br>[[SDA Bocconi School of Management]]<br>[[New York University]] |
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| field = [[Microeconomics]] |
| field = [[Microeconomics]] |
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| alma_mater = [[Harvard University]], <small>(Ph.D.)</small><br>[[University of Oxford]], <small>(B.A.)</small><br>[[Princeton University]], <small>(B.A.)</small> |
| alma_mater = [[Harvard University]], <small>(Ph.D.)</small><br>[[University of Oxford]], <small>(B.A.)</small><br>[[Princeton University]], <small>(B.A.)</small> |
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| influenced = |
| influenced = |
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| contributions = [[Signaling (economics)|Signaling theory]] |
| contributions = [[Signaling (economics)|Signaling theory]] |
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| awards = [[John |
| awards = [[John MasterBates Clark Medal]] (1981)<br />[[Nobel Memorial Prize in Economics]] (2001) |
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| signature = <!-- file name only --> |
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|DATE OF BIRTH= November 7, 1943 |
|DATE OF BIRTH= November 7, 1943 |
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|PLACE OF BIRTH= Montclair, New Jersey |
|PLACE OF BIRTH= Montclair, New Jersey |
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|DATE OF DEATH= |
|DATE OF DEATH=6/6/6 |
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|PLACE OF DEATH= |
|PLACE OF DEATH=HELL |
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}} |
}} |
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{{DEFAULTSORT:Spence, Michael}} |
{{DEFAULTSORT:Spence, Michael}} |
Michael Spence | |
---|---|
![]() | |
Born | |
Nationality | United States |
Academic career | |
Institution |
Kutztown University Montco 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 MasterBates 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 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]
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m Reverted edits by
205.235.52.10 (
talk) to last revision by Discospinster (
HG) |
No edit summary |
||
Line 12: | Line 12: | ||
| death_place = |
| death_place = |
||
| nationality = [[United States]] |
| nationality = [[United States]] |
||
| institution = [[ |
| institution = [[Kutztown University]]<br>[[Montco University]]<br>[[SDA Bocconi School of Management]]<br>[[New York University]] |
||
| field = [[Microeconomics]] |
| field = [[Microeconomics]] |
||
| alma_mater = [[Harvard University]], <small>(Ph.D.)</small><br>[[University of Oxford]], <small>(B.A.)</small><br>[[Princeton University]], <small>(B.A.)</small> |
| alma_mater = [[Harvard University]], <small>(Ph.D.)</small><br>[[University of Oxford]], <small>(B.A.)</small><br>[[Princeton University]], <small>(B.A.)</small> |
||
Line 19: | Line 19: | ||
| influenced = |
| influenced = |
||
| contributions = [[Signaling (economics)|Signaling theory]] |
| contributions = [[Signaling (economics)|Signaling theory]] |
||
| awards = [[John |
| awards = [[John MasterBates Clark Medal]] (1981)<br />[[Nobel Memorial Prize in Economics]] (2001) |
||
| signature = <!-- file name only --> |
| signature = <!-- file name only --> |
||
| repec_prefix = e | repec_id = psp7 |
| repec_prefix = e | repec_id = psp7 |
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Line 65: | Line 65: | ||
|DATE OF BIRTH= November 7, 1943 |
|DATE OF BIRTH= November 7, 1943 |
||
|PLACE OF BIRTH= Montclair, New Jersey |
|PLACE OF BIRTH= Montclair, New Jersey |
||
|DATE OF DEATH= |
|DATE OF DEATH=6/6/6 |
||
|PLACE OF DEATH= |
|PLACE OF DEATH=HELL |
||
}} |
}} |
||
{{DEFAULTSORT:Spence, Michael}} |
{{DEFAULTSORT:Spence, Michael}} |
Michael Spence | |
---|---|
![]() | |
Born | |
Nationality | United States |
Academic career | |
Institution |
Kutztown University Montco 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 MasterBates 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 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]
{{
cite journal}}
: Cite has empty unknown parameters: |month=
and |coauthors=
(
help){{
cite book}}
: Cite has empty unknown parameter: |coauthors=
(
help){{
cite book}}
: Cite has empty unknown parameter: |coauthors=
(
help)