Andrew Michael Spence

Andrew Michael Spence se narodil 7. listopadu 1943 ve městě Montclair, ve státě New Jersey. V současné době působí jako Professor Emeritus of Management na Graduate School of Business na Stanford University. V letech 1962 – 1966 studoval na Princeton University a v letech 1966 – 1968 na Oxford University. Studium na Harvard University (1968 – 1792) ukončil jako Ph.D. Economics. Od roku 1973 do roku 1975 vyučoval na Stanford University jako Associate Professor of Economics. Na Harvard University působil v letech 1975 – 1990 jako Professor of Economics a Professor of Business Administration. Ve funkci děkana Fakulty umění a vědy na Harvard University pracoval od roku 1984 do roku 1990. Po roce 1990 byl děkanem Graduate School of Business na Stanford University, od roku 1999 zde působí jako Professor of Management. V roce 1972 mu byla udělena cena Davida. A. Wellse. V roce 1978 obdržel cenu – John Kenneth Galbraith Prize, kterou jsou vyznamenávání vynikající učitelé. Za významný přínos pro ekonomii získal v roce 1981 cenu – John Bates Clark medal. V roce 1983 se stal členem Americké akademie umění a věd, je také členem Americké ekonomické asociace, Ekonometrické společnosti (Econometric Society). V letech 1991 – 1997 byl předsedou National Research Council Board on Science, Technology and Economic Policy. V roce 2001 mu byla udělena společně s Georgem Akerlofem z University of California v Berkeley a Josephem Stiglitzem z Columbia University Královskou švédskou Akademií věd Nobelova cena za ekonomii za jejich „analýzu trhů s asymetrickými informacemi“.

Nejdůležitějším příspěvkem Michaela Spenceho k teorii asymetrické informace byla jeho doktorská práce. Ve své práci analyzoval, jak mohou ekonomické subjekty použít signalizace jako nástroje pro překonání problému asymetrické informace. Signalizací rozumí pozorovatelné kroky podniknuté ekonomickými subjekty, které umožní jejich partnerům získat lepší informaci o nabízených produktech. Spence došel ve své analýze k závěru, že signalizace může přispět k překonání problému asymetrické informace pouze v tom případě, kdy se náklady signalizace podstatně odlišují pro různé ekonomické subjekty. Problematice signalizace se dále věnoval ve své knize Market Signaling, kde analyzoval úlohu vzdělání jako nástroje signalizace na trhu práce. Jeho výzkum signalizace na trhu práce jako mechanismu při překonávání problému asymetrické informace byl následován řadou dalších prací analyzujících různé příklady signalizace. A. Michael Spence je také autorem řady prací v oblasti trhů pojištění a patří k průkopníkům aplikace teorie her v této oblasti.

Mezi díla A. Michael Spence patří Signalizace trhu: Přenos informací při najímání a příbuzné procesy (Market Signaling: Informational Transfer in Hiring and Related Processes, 1974), Průmyslová organizace v otevřené ekonomice (Industrial Organization in an Open Economy, 1980).

A. M. Spence je podruhé ženatý. Z manželství (1968) se svou první ženou, rozenou Ann Bennett, ukončeného v roce 1995 rozvodem, má tři potomky – Grahama, Catherine a Maryi, které nadále podporuje i se svou druhou ženou (1997), rozenou Monica Cappuccini.

Knihy

SPENCE, A. M. Market Signaling: Informational Transfer in Hiring and Related Processes. Harvard University Press, 1974.

SPENCE, A. M, CAVES, R. E., PORTER, M. E. Industrial Organization in an Open Economy. Harvard University Press, 1980.

SPENCE, A. M., HAYES, S., MARKS, D. Competitive Structure in Investment Banking. Harvard University Press, 1981.

Články

SPENCE, A. M., ZECKHAUSER, R. J. Insurance, Information, and Individual Action. American Economic Review, Papers and Proceedings, May 1971, vol. 61.

SPENCE, A. M., KEELER, E., ZECKHAUSER, R. J. The Optimal Control of Pollution. Journal of Economic Theory, February 1972, vol. 4.

SPENCE, A. M., ZECKHAUSER, R. J. The Effect of the Timing of Consumption Decisions and the Resolution of Uncertainty on the Choice of Lotteries. Econometrica, March 1972, vol. 40.

SPENCE, A. M. Job Market Signaling. Quarterly Journal of Economics, August 1973, vol. 87.

SPENCE, A. M. Monopoly, Quality and Regulation. Bell Journal of Economics, Autumn, 1973.

SPENCE, A. M. Time and Communication in Economic and Social Interaction. Quarterly Journal of Economics, November 1973, vol. 87.

SPENCE, A. M. Competitive and Optimal Responses to Signals: An Analysis of Efficiency and Distribution. Journal of Economic Theory, March 1974.

SPENCE, A. M. An Economist´s View of Information. In Carlos Cuadra (ed.). Annual Review of Information Science and Technology, American Society for Information Science, 1974, vol. 9.

SPENCE, A. M. The Economics of Internal Organization: An Introduction. Bell Journal of Economics, Spring 1975.

SPENCE, A. M., STARRETT, D. Most Rapid Approach Paths in Accumulation Problems. International Economic Review, June 1975.

SPENCE, A. M. Competition in Salaries, Credentials, and Signaling Prerequisites for Jobs. Quarterly Journal of Economics, February 1976a, vol. 90.

SPENCE, A. M. Product Differentiation and Welfare. American Economic Review, Papers and Proceedings, May 1976, vol. 66.

SPENCE, A. M. Markovitz on Imperfect Competition. Stanford Law Review, May 1976.

SPENCE, A. M. Product Selection. Fixed Costs, and Monopolistic Competition. Review of Economic Studies, June 1976, vol. 43.

SPENCE, A. M., ROBERTS, M. J. Effluent Charges and Licenses Under Uncertainty. Journal of Public Economics, 1976, vol. 5.

SPENCE, A. M. Informational Aspects of Market Structures: An Introduction. Quarterly Journal of Economics, 1976.

SPENCE, A. M., OWEN, B. Television Programming, Monopolistic Competition, and Welfare. Quarterly Journal of Economics, 1977. Also in Bruce Owen (ed.), The Economics of the First Amendment, Ballinger, 1975.

SPENCE, A. M. Nonlinear Prices and Welfare. Journal of Public Economics, 1977, vol. 9.

SPENCE, A. M., MAIN, B. Maximum Likelihood Estimation with Pooled Observations – An Example from Labor Economics. International Economic Review, October 1980.

SPENCE, A. M., MAIN, B. Unemployment Durations and Unemployment Experience. American Economic Review, December 1980.

SPENCE, A. M., MILBOURNE, R. The Short Run Demand for Money. Economic Journal, December 1980.

SPENCE, A. M. Jobs as Dam Sites. Review of Economic Studies, January 1981.

SPENCE, A. M., MAIN, B. Pitfalls in Markov Modeling of Labor Market Stocks and Flows. Journal of Human Resources, Winter 1981.

SPENCE, A. M. Problems and Resolutions of Problems in the Short-Run Demand for Money. In D. Currie and D. A. Peel (eds.), Contemporary Economic Analysis, Croom Helm, 1981, vol. 4.

SPENCE, A. M., MAIN, B. An Experience-Weighted Measure of Employment and Unemployment Durations. American Economic Review, December 1981.

SPENCE, A. M. The Short-Run Demand for Money: A new Look at an Old Problem. American Economic Review, May 1982.

SPENCE, A. M., DICKENS, W. The Economic Consequences of Cognitive Dissonance. American Economic Review, June 1982.

SPENCE, A. M. Labor Contracts as Partial Gift Exchange. Quarterly Journal of Economics, November 1982.

SPENCE, A. M. Loyalty Filters. American Economic Review, March 1983.

SPENCE, A. M., MAIN, B. Measures of Unemployment Duration as Guides to Research and Policy: Reply. American Economic Review, December 1983.

SPENCE, A. M. Gift Exchange ad Efficiency Wage Theory: Four Views. American Economic Review, May 1984.

SPENCE, A. M. Discriminatory, Status-Based Wages among Tradition-Oriented, Stochastically Trading Coconut Producers. Journal of Political Economy, April 1985.

SPENCE, A. M., YELLEN, J. Unemployment Through the Filter of Memory. Quarterly Journal of Economics, August 1985.

SPENCE, A. M., YELLEN, J. Can Small Deviations from Rationality Make Significant Differences to Economic Equilibria?. American Economic Review, September 1985.

SPENCE, A. M., YELLEN, J. A Near Rational Model of the Business Cycle with Wage and Price Inertia. Quarterly Journal of Economics, September 1985.

SPENCE, A. M., YELLEN, J. Rational Models of Irrational Behavior. American Economic Review, May 1987.

SPENCE, A. M., YELLEN, J. Fairness and Unemployment. American Economic Review, May 1988.

SPENCE, A. M., ROSE, A., YELLEN, J. Discussion of the New Keynesian Economics and the Output-Inflation Trade off. Brookings Papers on Economic Activity, 1988.

SPENCE, A. M., ROSE, A., YELLEN, J. Job Switching and Job Satisfaction in the U.S. Labor Market. Brookings Papers on Economic Activity, 1988.

SPENCE, A. M. The Economics of Illusion. Economics and Politics, Spring 1989.

SPENCE, A. M., KATZ, L. F. Do Deferred Wages Eliminate the Need for Involuntary Unemployment as a Worker Discipline Device?. In Y. Weiss and G. Fishelson (eds.), Advances in the Theory and Measurement of Unemployment, Macmillan, 1989.

SPENCE, A. M., KATZ, L. F. Workers´ Trust Funds and the Logic of Wage Profiles. Quarterly Journal of Economics, August 1989.

SPENCE, A. M., YELLEN, J. The Fair Wage-Effort hypothesis and Unemployment. Quarterly Journal of Economics, May 1990.

SPENCE, A. M., YELLEN, J. Discussion of an Aging Society: Opportunity or Challenge?. Brookings Papers on Economic Activity, 1990.

SPENCE, A. M., YELLEN, J. How Large are the Losses from Rule of Thumb Behavior in Models of the Business Cycle?. In William Brainard, William Nordhaus and Harold Watts (eds.), Money, Macroeconomics and Economic Policy: Essays in Honor of James Tobin, MIT Press, 1991.

SPENCE, A. M. Procrastination and Obedience, The Richard T. Ely Lecture. American Economic Review, Papers and Proceedings, May 1991.

SPENCE, A. M., ROSE, A., YELLEN, J., HESSENIUS, H. East Germany In From the Cold: The Economic Aftermath of Currency Union,  Brookings Papers on Economic Activity, 1991.

SPENCE, A. M., ROMER, P. Looting: The Economic Underworld of Bankruptcy for Profit. Brookings Papers on Economic Activity, 1993.

SPENCE, A. M., YELLEN, J. Gang Behavior, Law Enforcement and Community Values. In Henry Aaron, Thomas Mann and Timothy Taylor (eds.), Values and Public Policy, Brookings Institution, 1994.

SPENCE, A. M., YELLEN, J., KATZ, M. An Analysis of Out-of-Wedlock Childebearing in the United States. Quarterly Journal of Economics, May 1996.

SPENCE, A. M., DICKENS, W., PERRY, G. The Macroeconomics of Low Inflation. Brookings Papers on Economic Activity, 1996.

SPENCE, A. M., DICKENS, W., PERRY, G. Low Inflation or No Inflation: Should the Federal Reserve Pursue Complete Price Stability?. Brookings Policy Brief 4, August 1996.

SPENCE, A. M., YELLEN, J. An Analysis of Out-of-Wedlock Births in the United States. Brookings Policy Brief 5, August 1996.

SPENCE, A. M. New Mothers, Not Married: Technology Shock, The Demise of Shot-Gun Marriage and the Increase in Out-of- Wedlock Births. Brookings Review, Fall 1996.

SPENCE, A. M., DICKENS, W., PERRY, G. Low Inflation or No Inflation: Should the Federal Reserve Pursue Complete Price Stability?. Challenge, September – October 1996.

SPENCE, A. M. Social Distance and Social Decisions, The Fisher-Shultz Lecture of the 1995 World Congress of the Econometric Society. Econometrica, September 1997.

SPENCE, A. M. Men without Children. Economic Journal, March 1998.

SPENCE, A. M. Comment on David I. Laibson, Andrea Repetto, and Jeremy Tobacman, Self-Control and Retirement Saving. Brookings Papers on Economic Activity, 1998.

SPENCE, A. M. Comment on Candice Prendergast, What Happens Within Firms. In John Haltiwanger, Marilyn E. Manser, and Robert Topel (eds.), Labor Statistics Measurement Issues, University of Chicago Press, 1998.

SPENCE, A. M., KRANTON, R. Economics and Identity. Quarterly Journal of Economics, August 2000.

SPENCE, A. M., DICKENS, W., PERRY, G. Near-Rationality and the Long-Run Philips Curve. Brookings Papers on Economic Activity, 2000.

SPENCE, A. M., DICKENS, W., PERRY, G. Why a Little Inflation is Good. Milken Institute Review, 4th Quarter 2000.

SPENCE, A. M. Comment on William J. Baumol, Rapid Economic Growth, Equitable Income Distribution, and the Optimal Rate of Innovation Spillovers. In George L. Perry and James Tobin (eds.), Economic Events, Ideas, and Policies: The 1960s and After, Brookings Institution, 2000.

SPENCE, A. M., DICKENS, W., PERRY, G. Options for Stabilization policy: A new Analysis of Choices Confronting the Fed. Brookings Policy Brief 69, February 2001.

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Andrew Michael Spence