PersonMichael Spence
Spence
An economist known for signaling theory, who in 1973 proposed the educational signaling model of the labor market and received the 2001 Nobel Prize in Economics.
Timeline (last 90 days)
Oct 27
Spence proposed signaling theory in 1973, whose core is: when one party holds private information, it can signal through costly actions, and the cost of that action must be lower for high-ability individuals than for low-ability individuals.
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