What is Michael Spence known for in the academic world?
His revolutionary theory of relativity
His ground-breaking research in the field of psychology
For his analyses of markets with asymmetric information
His controversial debates in political science
Answer
Michael Spence is widely recognized for his groundbreaking research on markets characterized by asymmetric information, where one party possesses superior knowledge compared to the other. His pioneering work in this field has significantly contributed to the understanding of various economic phenomena, including signaling, adverse selection, and moral hazard.
Mastering Economics: The Michael Spence Quiz
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How is Stanford Graduate School of Business related to Spence?
What year did Spence, Akerlof, and Stiglitz win the Nobel Memorial Prize?
What is Spence, Akerlof, and Stiglitz's area of expertise?
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