Character Life
Spencer Professor Spencer November 7, 1943 (November 7, 1943) was born in Montclair, New Jersey, USA, New Jersey, New Jersey, 1962- In 1966, he studied in Princeton University and a bachelor's degree in philosophy; in 1968, he received a master's degree in Mathematics in Oxford University, and obtained the school's Snow Scholarship; 1972 was a Ph.D. in Economics in Harvard University. In 1972-1975, Spencer served as Associate Professor of Economics in Stanford University; after the study of Harvard University, the University of Harvard, a professor of the school's economics, and has served as a Ph.D., Harvard University. Director, Director of Economics, Dean of Harvard University Art and Academy of Sciences, 1983, is elected as Academician Art and Academy of Sciences. In 1990, Spencer returned to Stanford University and served as the president of the school student, the same period (1991-1997) as Chairman of the National Science and Technology and Economic Policy Research Committee. In addition, Spencer also serves as a member of the board of directors of 7 companies.
2001, due to the pioneering research made in an asymmetric information market analysis and George Acellov, Joseph Stiglitz won the Nobel Economics Award . Many markets have information asymmetry, thus showing specific market laws and phenomena. Their research in this area constitutes the core of modern information economics.
Academic point of view
Michael Spencer believes that if the owner cannot distinguish between high-capacity and low-capacity, then it will lead to low wage in low wages. Low power, form the phenomenon of "inferior coin expelter" on the labor market.
Michael Screw also discovered a phenomenon, that is, high-capacity male expects to get a higher degree of education than equivalent. In this balance, education between men and women is different due to the difference between education. In addition, the Signal Transfer Model proposed by Spencer also has a profound impact on game theory. The market balance model under his professional competition has affected other fields, such as growth theory and international trade.
Theory contribution
Spencer is the most important research results in the market, and how to avoid some problems associated with reverse selection, how to signal "Trungeically transmitted to individuals with disadvantages on the information. The signal requires that the economic entity takes the observation and cost-effective measures to enable other economic subjects to believe their ability, or more generally, believe in the value or quality of their products. The contribution of Spencer is to form this idea and will form, while also describing and analyzing the impact it produced. The Prew in its 1973 pioneering research (based on his doctoral thesis) as a signal in the labor market. Among them, the basic view is that the signal does not have successful effects unless the signal cost is significantly different between its issuer, the job seeker. Employers cannot distinguish the ability to distinguish the ability to distinguish between powerful job seekers, unless the latter chooses a lower education level when the former finds their own investment to be educated. Springset also explains the likelihood of existence of education and salary, "expected" balance, the same amount of production efficiency, high salary of men and white people than women and black.
Subblose Subsequential research includes expanding this theory and confirming a lot of application research on the importance of different market signals, analyzing a large number of economic phenomena, such as expensive advertising and comprehensive guarantees for productivity signals As the active price reduction of the market power signal; the delayed salary strategy for the negotiation signal; the debt financing of the profitable capacity signal rather than the financing method of the issuance of new shares; as a firm commitment signal of the decrease of the high-rise inflation, the decline is Considerate monetary policy.
Research topics
Signal Transfer Model
Mike Mike Springset, a 2001 Economic Nobel Prize winner Mike Spin, a highlighted contribution to the signal delivery model. His research on the signal transmission model originated during the Ph.D. in Harvard University, the conclusions he studied was concentrated in his doctoral thesis "labor market signal". In the model of Mike Springsea, there is an asymmetry of the labor market. Employees know their abilities. Employers don't know if the employer has no way to distinguish high productivity and low productivity. When competition is balanced, Whether it is a high-powerful person or a low-capacity person to get average salary. So high-profit workers have received less than their marginal products and low-production capacity than their marginal products. At this time, the high-powerful people want to find a way, actively send a signal to the employer, so that they are separated from low-capacity people, making their salary and labor efficiency. The degree of education is to transmit information about employee abilities. The reason is that the cost and ability of education have been inversely proportionally, and those who have different capabilities are different from education, or the educational transfer signal has the function of separating employee capabilities. The model of Mike Springset studied the degree of education investment as a tool for communicating information. In his model, education itself does not increase the ability of a person, it is purely to "indicate" or "send signal" to the employer. Mike Spino has identified a condition. Under this condition, people with low capabilities are reluctant to imitate people with high ability, namely, the same degree of education investment, to show that he is a high person. This condition is that the same degree of education investment has a higher marginal cost on people with low capacity. Mike Springset proves that in this case, although there is information asymmetry, the candidates with information in market transactions can show their own ability through education investment, and employers can distinguish between this illustrated signal. Powerful people. In his model, assume that education has no effect on productivity, but manufacturers pay salary based on education, because it can attract higher capabilities. The signal transfer model of Mike Screws also has universal economic significance. For example, over-dividend behavior of listed companies. In many countries, the government's tax rate against dividends is higher than that of capital value, usually the government's dividend is divided into two taxes: a time to the company, and paying only a tax on the capital value. (At China, the securities market is not taxed on the bonus double taxation, and the capital proliferation does not pay.) If there is no information problem, profit re-investment is more in line with shareholders' interests, but many companies are still passionate. According to the information asymmetry theory, the company's management is certainly more clearly known than the stockholders know the company's true performance. In this case, a good performance company takes a lot of bonus to send a signal to the stockholders to distinguish between companies that are bad, the latter can not send a dividend. The response of the securities market for dividends is the increase in stock prices, thereby compensating for loss of investors suffering from taxes with higher taxes.
Signal Release (Separation of Separation in General Level) is the reaction brought about "asymmetric information". If the manufacturer does not hesitate to pay for the gold time of CCTV, not only to achieve its propaganda, but also show your strength, and distinguish between manufacturers who don't have strength. Such a case is soaked in each corner of the business activity.
Winning reasons
Michael Spencer, Stanford University Business School Graduate School, Pre-elderly and current Honorary Dean. The Royal Swedish Institute pointed out that the three economists who were awarded this year's Nobel Economics Award were because they have made a prominent contribution in the field of modern information economics. Since the 1970s, they are committed to the study of the theory of "asymmetric information market", that is, how different number of information agents have an impact on various types of markets. Therefore, the Royal Swedish Academy believes that their contribution is to reveal the core of contemporary information economy.
Michael Spencer's colleague Professor John Robert said: "Michael guides us to understand the various phenomena of the real world in the field of economics, and the capital accumulated from the price competition Advertising of those information is significantly scarce, and these insights are extremely rare. "" Asymmetric Information "Theory mainly studies the risk issues faced by the loan in the absence of the credit value information, which also explains those familiar with scientific and technological industrial capital. How to operate how to get the advantages of other investors, as well as bubbles for technology stocks in recent years. Springsea's research shows the absolute importance of the contemporary economy society, that is, in a certain situation, the merchant of the message is more market income than those lacking the industry information, such as that, the car dealer can pass Providing product guarantees to indicate that his car is better, and the company can use bonus extra taxes to show its high yield. Professor David Kovus, the Stanford College, believes that the theory of Springsea is a milestone in the field of economics over the past 50 years.