Also found in: Financial.
Spence, Michael(Andrew Michael Spence), 1943–, American economist and educator, b. Montclair, N.J., Ph.D. Harvard, 1972. He has taught at Stanford (1973–75, 1990–99), Harvard (1975–90), and New York Univ. (2010–), was dean of the faculty of arts and sciences at Harvard (1984–90) and of the business school at Stanford (1990–99), and was chairman of the Commission on Growth and Development (2006–10). As an economist, he has focused on economic growth and development, dynamic competition, and the economics of information. In 2001 he shared the Nobel Memorial Prize in Economic Sciences with Joseph StiglitzStiglitz, Joseph Eugene,
1943–, American economist, b. Gary, Ind., Ph.D. Massachusetts Institute of Technology, 1967. He has taught at a number of educational institutions, including Stanford (1974–76, 1988–2001) and Columbia (2001–), served on the
..... Click the link for more information. and George AkerlofAkerlof, George Arthur,
1940–, American economist, b. New Haven, Conn., B.A. Yale, 1962, Ph.D. Massachusetts Institute of Technology, 1966. He has been a professor at the Univ.
..... Click the link for more information. for their work explaining how asymmetries with respect to information affect markets. In particular Spence was cited for his analysis of how education acts as a signal of a potential employee's skills and productivity and for his analysis of the insurance market.