Markets with Asymmetric Information: The Contributions of George Akerlof, Michael Spence and Joseph Stiglitz

摘要: For more than two decades, research on incentives and market equilibrium in situations with asymmetric information has been a prolific part of economic theory. In 1996, the Bank Sweden Prize Economic Sciences Memory Alfred Nobel recognized James Mirrlees William Vickrey's fundamental contributions to theory under information, particular their applications design optimal income taxation resource allocation through different types auctions. The modem markets rests firmly work this year's prizewinners: George Akerlof (University California, Berkeley), Michael Spence (Stanford University) Joseph Stiglitz (Columbia University). This indeed transformed way economists think about functioning markets. Analytical methods suggested by Akerlof,