What topic did Michael Spence receive his Nobel Prize for?
Quantum Physics
Asymmetric Information
Molecular Biology
Cultural Anthropology
Answer
The Nobel Prize in Economic Sciences was awarded to Michael Spence for his analysis of markets with asymmetric information. This concept occurs when one party has more information than the other, leading to inefficiencies and market failures. Spence's research, focusing on signaling theory and job market signaling, has significant implications for understanding economic behavior and policy-making in various markets.
Mastering Economics: The Michael Spence Quiz
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