A. Michael Spence

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A. Michael Spence

Andrew Michael Spence (born November 7, 1943 in Montclair , New Jersey ) is an American economist .

Life

In 2001, together with George A. Akerlof and Joseph E. Stiglitz, he received the Alfred Nobel Memorial Prize for Economics for their work on the relationship between information and markets, especially adverse selection .

Spence is a professor at Harvard University (Graduate School of Business), previously he was at Stanford University (1990–1999).

He is co-founder of the Institute for New Economic Thinking (INET), which was founded at the end of October 2009 to develop new approaches to economics .

He has been a member of the American Academy of Arts and Sciences since 1983 . In 2005 he received an honorary doctorate from the Leipzig Graduate School of Management .

plant

Spence is the father of the so-called " job market signaling " theory, which deals generally with the problem of asymmetrical information on the job market. In particular, it is about the job seeker (agent) acquiring special, costly features which send relevant information about his / her skills in the form of certificates (signals) to the employer (principal). The employer can use the information he obtains from the signals to choose the job seeker who comes closest to his needs. An example are educational qualifications with which job seekers signal skills such as intelligence or special specialist knowledge. It is not necessary that these educational qualifications have a value apart from the signal, i.e. exert an influence on intelligence or specialist knowledge.

See also

Web links

Commons : Michael Spence  - collection of images, videos and audio files

Footnotes

  1. Million attack on established economics . In: Handelsblatt . November 3, 2009
  2. Honorary doctorates from the Leipzig Graduate School of Management ( Memento of the original dated December 23, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.hhl.de
  3. Michael Spence: Job Market Signaling . In: Quarterly Journal of Economics . tape 87 , no. 3 , August 1973, p. 355–374 , doi : 10.2307 / 1882010 ( yale.edu [PDF; accessed May 11, 2017]). Job Market Signaling ( Memento of the original from May 17, 2017 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.econ.yale.edu
  4. Michael Spence: Signaling in Retrospect and the Informational Structure of Markets . In: American Economic Review . tape 92 , no. 3 , May 2002, p. 434–459 , doi : 10.1257 / 00028280260136200 ( semanticscholar.org [PDF]).