Who were the other recipients of the 2001 Nobel Prize in Economic Sciences?
Paul Krugman and John Nash
Phillip Sharp and Richard Roberts
George A. Akerlof and Joseph E. Stiglitz
Steven Weinberg and Sheldon Glashow
Answer
The other Nobel Prize in Economic Sciences laureates were George Akerlof and Joseph Stiglitz. They, alongside Michael Spence, were recognized for their analyses of markets with asymmetric information. Akerlof examined the market for used cars, where sellers have more information than buyers, leading to market inefficiencies. Stiglitz analyzed markets where one party has superior knowledge about their abilities or intentions, impacting market equilibrium.
Mastering Economics: The Michael Spence Quiz
More Questions
What topic did Michael Spence receive his Nobel Prize for?
Where did Spence serve as Dean, Emeritus?
What is the name of the professorship held by Spence at New York University?
What is the full name of Michael Spence?
What notable field did Michael Spence, George A. Akerlof and Joseph E. Stiglitz mainly work in?
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