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Michael Spence's Mug ShotNobel Laureate in Economic Sciences 2001
Professor Emeritus of Management, Graduate School of Business, Stanford University, USA
Partner, Oak Hill Capital Partners & Oak Hill Venture Partners, USA

co-reason for the prize:

for their analyses of markets with asymmetric information


Main Topics: Information economics; information technology economics; information flows dynamics and market development

Professional Profile: Michael Spence is Professor Emeritus of Management in the Graduate School of Business at Stanford University and a partner in Oak Hill Capital Partners and Oak Hill Venture Partners.
He served as Dean of the Stanford Business School from 1990 to 1999. As Dean, he oversaw the finances, organization, and educational policies of the school. Spence earned his undergraduate degree in Philosophy at Princeton (summa cum laude) and was selected for a Rhodes Scholarship. He was awarded a B.S.-M.A. from Oxford and earned his Ph.D. in Economics at Harvard.
He taught at Stanford as an Associate Professor of Economics, then he served as Professor of Economics and Business Administration at Harvard. In 1983 he was named Chairman of the Economics Department and George Gund Professor of Economics and Business Administration.
Spence was awarded the John Kenneth Galbraith Prize for excellence in teaching and the John Bates Clark medal for a "significant contribution to economic thought and knowledge".
In 2001 he won, together with Akerlof and Stiglitz, the Nobel Prize "for his analyses of markets with asymmetric information".


  • B.A. in Philosophy (summa cum laude), Princeton University, 1966
  • B.A.-M.A. in Mathematics, Oxford University, 1968
  • Ph.D. in Economics, Harvard University, 1972



Selected Works:
  • M. A. Spence, Competitive Structure in Investment Banking, Harvard University Press, 1983
  • M. A. Spence, Reconciling Fragmented Economic Policies, Antitrust in the 1980s, Conference Board, New York, 1982
  • M. A. Spence, Competition, Entry, and Antitrust Policy, Strategy, Predation, and Antitrust Analysis, Federal Trade Commission, 1981
  • M. A. Spence, The Learning Curve and Competition, Bell Journal of Economics, 1981
  • M. A. Spence, Industrial Organization in an Open Economy, Harvard University Press, 1980
  • M. A. Spence, Advertising and Entry Barriers, Quarterly Journal of Economics, 1980
  • M. A. Spence, Investment, Strategy, and Growth in a New Market, Bell Journal of Economics, 1979



Late Papers:
  • M. A. Spence, We Are All in It Together, This article was first published in The Wall Street Journal on January 5th, 2007.