A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz

@article{Rosser2003ANP,
  title={A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz},
  author={J. Barkley Rosser},
  journal={Review of Political Economy},
  year={2003},
  volume={15},
  pages={21 - 3}
}
  • J. B. Rosser
  • Published 1 January 2003
  • Economics
  • Review of Political Economy
This paper reviews the research related to the asymmetric information of George Akerlof, Michael Spence and Joseph Stiglitz, for which they jointly received the 2001 Nobel Prize in Economics. After recounting their overall careers, the history of the asymmetric information idea is presented and their key papers are discussed. This is followed by an examination of various applications of the concept, including in industrial organization and microeconomic dynamics, efficiency wage theories of… 
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References

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Economic theorists traditionally banish discussions of information to footnotes. Serious consideration of costs of communication, imperfect knowledge, and the like would, it is believed, complicate
Information and the Change in the Paradigm in Economics
The research for which George Akerlof, Mike Spence, and I are being recognized is part of a larger research program which, today, embraces hundred, perhaps thousands, of researchers around the world.
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In the field of economics, perhaps the most important break with the past—one that leaves open huge areas for future work—lies in the economics of information. It is now recognized that information
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This paper focuses on the importance of strategic complementarities in agents’ payoff functions as a basis for macroeconomic coordination failures. Strategic complementarities arise when the optimal
ASYMMETRIC INFORMATION IN CREDIT MARKETS AND ITS IMPLICATIONS FOR MACRO-ECONOMICS
In this paper we investigate the macroeconomic equilibria of an economy in which credit contracts have both the adverse selection and incentive effects. The terms of credit contracts include both an
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Much of the new theory of macro-economics that has been built upon micro-economic models of imperfect information leads to conclusions which are surprisingly close in spirit to Keynes' original
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Shiro Yabushita's comment on "The Theory of Screening" (Stiglitz, 1975) raises some interesting questions which have arisen in a number of different contexts: How should one model markets with
Distinguished Lecture on Economics in Government: The Private Uses of Public Interests: Incentives and Institutions
[Joseph Stiglitz was a member of the Council of Economic Advisers from 1993-95, and chairman of the CEA from 1995 through February 1997.] Today, I want to share with you some of my thoughts about the
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