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George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz: Markets with Asymmetric Information

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Abstract

Akerlof, Spence and Stiglitz's analyses form the core of modern information economics. Their work transformed the way economists think about the functioning of markets. The analytical methods they suggested have been applied to explain many social and economic institutions, especially different types of contracts. Other researchers have used and extended their original models to analyze organizations and institutions, as well as macroeconomic issues, such as monetary and employment policy.

Suggested Citation

  • Nobel Prize Committee, 2001. "George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz: Markets with Asymmetric Information," Nobel Prize in Economics documents 2001-2, Nobel Prize Committee.
    • Handle: RePEc:ris:nobelp:2001_002
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    References listed on IDEAS

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    4. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    5. Bond, Eric W, 1982. "A Direct Test of the "Lemons" Model: The Market for Used Pickup Trucks," American Economic Review, American Economic Association, vol. 72(4), pages 836-840, September.
    6. Ernst Fehr & Klaus M. Schmidt, 1999. "A Theory of Fairness, Competition, and Cooperation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(3), pages 817-868.
    7. Kelly Bedard, 2001. "Human Capital versus Signaling Models: University Access and High School Dropouts," Journal of Political Economy, University of Chicago Press, vol. 109(4), pages 749-775, August.
    8. Joseph E. Stiglitz, 1977. "Monopoly, Non-linear Pricing and Imperfect Information: The Insurance Market," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(3), pages 407-430.
    9. Abhijit V. Banerjee & Andrew F. Newman, 1998. "Information, the Dual Economy, and Development," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 65(4), pages 631-653.
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    13. Dahlby, B. G., 1983. "Adverse selection and statistical discrimination : An analysis of Canadian automobile insurance," Journal of Public Economics, Elsevier, vol. 20(1), pages 121-130, February.
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    Keywords

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    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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