What role does George A. Akerlof play in relation to Michael Spence's Work?
They are rivals
They are family members
They are co-recipients of the Nobel Prize in Economic Sciences
They are founding partners of a startup
Answer
The Nobel Prize in Economic Sciences was jointly awarded to George A. Akerlof and Michael Spence for their groundbreaking research on asymmetric information in the market. Their work examined situations where one party has more information than the other, leading to market inefficiencies and distortions.
Mastering Economics: The Michael Spence Quiz
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