Michael Spence

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Michael Spence

An American economist born in 1943. He is most noted for the signalling model, which states that employees pay for education to attract employers. According to Spence's model, even if the education itself lacks any intrinsic value, its ability to attract an employer gives it value for the employee. Spence also has done work on information asymmetry, for which he shared the Nobel Prize for Economics in 2001.
References in periodicals archive ?
Akerlof, 1970; A. Michael Spence, 1974; and Joseph E.
A. Michael Spence (1974) explored asymmetric information in the labor market.
Akerlof of the University of California, Berkeley, and former NBER researcher A. Michael Spence of Stanford University will share the 2001 Nobel Prize in Economics.