Abstract
Michael Spence is a pioneer in the economics of information. His most famous work is on signalling. Spence’s fundamental insight is that individuals can take actions that provide information to others, even though the actions themselves have no effect on productivity or on that which is desired by the buyer. This work has proven fundamental to understanding phenomena ranging from education to advertising.
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Bibliography
Akerlof, G. 1970. The market for ‘lemons’: Quality uncertainty and the market mechanism. Quarterly Journal of Economics 84: 488–500.
Lazear, E. 1986. Salaries and piece rates. Journal of Business 59: 405–431.
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Lazear, E. (2018). Spence, A. Michael (Born 1943). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2019
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2019
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Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
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