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 ?
Debt continues to climb and economist Michael Spence warns that amounts may matter less than type and how much it serves the future
The Next Convergence: The Future of Economic Growth in a Multispeed World, by Michael Spence, New York, NY: Farrar, Straus & Giroux, 2011.
If the Italian yields start to rise, you could quickly turn a manageable situation into an insolvent one," Michael Spence, a professor of economics at New York University and a Nobel laureate, said on Bloomberg Television on December 28.
Other seminar speakers included Professor A Michael Spence, the 2001 Nobel Laureate in Economics.
Holby City (BBC1, 8pm) When the theatre liaison manager cancels Michael''s patient''s operation twice in one day, Michael convinces him to go private, but when Malick discovers the truth about the patient''s financial situation he fears he''s been caught up in another Michael Spence scandal.
When they gave us this remarkable work our donor said, 'This painting is going to change the lives of many people,'" said Michael Spence, the vice-chancellor of the University of Sydney.
Vice-chancellor Dr Michael Spence said: "In an extraordinary act of generosity, an overseas donor who wishes to remain anonymous was prepared to fly to Australia to personally give this painting to the university on the strict understanding that it would be sold and the proceeds directed to scientific research.
The enterprise is the work of two business management students at Newcastle University, Michael Spence, 19, and Alex Bell, 20, whose racing pedigree is better revealed as sons of owner Alan Spence and trainer Michael Bell.
But he has to perform one last operation, alongside his love rival and nemesis Michael Spence - and he collapses in theatre.
Carpenter Michael Spence, 30, posted pictures of himself on Facebook which showed him living it up on the Spanish island in August 2008 - in the middle of his compensation claim.
n Michael Spence is the 2001 Nobel Laureate in Economics, and Professor Emeritus, Stanford University.
Crush Depth" is a collection of poetry from Michael Spence, a veteran Naval officer with much military and life experience.