IN CONTEXT
Decision making
Michael Spence (1943–)
Joseph Stiglitz (1943–)
1963 Kenneth Arrow addresses the problems of information economics, such as when one party to a transaction has better information than another.
1970 George Akerlof describes markets with information disparities in The Market for Lemons.
1976 Michael Rothschild and Joseph Stiglitz pioneer “screening,” by which an uninformed party can induce another to impart information.
2001 Michael Spence, George Akerlof, and Joseph Stiglitz win a Nobel Prize for their work in information economics.
A new field of economics was developed in the 1970s, when US economist ...
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