"Nobel Prize in Economics" Michael Spence Hand Signed 3X5 Card Todd Mueller COA

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"Nobel Prize in Economics" Michael Spence Hand Signed 3X5 Card.
This item is certified authentic by Todd Mueller Autographs and comes with their Certificate of Authenticity.
ES - 8249
Andrew Michael Spence
(born November 7, 1943,
Montclair, New Jersey
) is a Canadian-American economist and Nobel laureate.
Spence is the William R. Berkley Professor in Economics and Business at the
Stern School of Business
at
New York University
, and the Philip H. Knight Professor of Management, Emeritus, and Dean, Emeritus, at the
Stanford Graduate School of Business
.
Together with
George A. Akerlof
and
Joseph E. Stiglitz
, Spence is a co-recipient of the 2001
Nobel Memorial Prize in Economic Sciences
, "for their analyses of markets with asymmetric information." Spence is noted for his job-market
signaling
model, which inspired research into this branch of
contract theory
. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly. Spence received his middle and high school education at the
University of Toronto Schools
of the
University of Toronto
. Spence attended
Princeton University
as an undergraduate student and graduated summa cum laude with a B.A. in philosophy in 1966, completing a senior thesis titled "Freedom and Determinism". Spence then studied at
Magdalen College
,
University of Oxford
as a
Rhodes Scholar
, and received a B.A./M.A. in mathematics in 1968.
Spence then began graduate studies in economics at Harvard University with the support of a Danforth Graduate Fellowship in the fall of 1968. He received a Ph.D. in economics in 1972, completing a dissertation titled "Market signalling" under the supervision of
Kenneth Arrow
and
Thomas C. Schelling
. Spence was awarded the David A. Wells Prize for outstanding doctoral dissertation in 1972. He is the Chairman of the
Commission on Growth and Development
, and a distinguished visiting fellow at the
Council on Foreign Relations
.
Spence joined the faculty of
New York University
's
Stern School of Business
on September 1, 2010.
He joined the faculty of
SDA Bocconi School of Management
in Italy in July 2011.
He is a senior fellow at
Stanford University
's
Hoover Institution
and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business. Spence is also a Commissioner for the Global Commission on Internet Governance. Additionally, Spence is also a member of the
Berggruen Institute
's 21st Century Council.
He is the author of three books and 50 articles, and has also been a consistent contributor to
Project Syndicate
, an international newspaper syndicate, since 2008. Among his beliefs are that
high-frequency trading
should be banned. Spence had both
Bill Gates
and
Steve Ballmer
in a graduate-level economics class at Harvard. In a 1999
Fortune
interview, however, Gates and Ballmer admitted not attending class and passing only after cramming for four days before the final.