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Wednesday, Dec. 17, 2014

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Nobel winners have Princeton ties

Two winners of the Nobel Prize in economic sciences announced this month have Princeton connections.

Michael Spence, professor emeritus in the Graduate School of Business at Stanford University, earned his A.B. in philosophy , summa cum laude, from Princeton in 1966. Joseph Stiglitz, professor of economics, business and international affairs at Columbia University, was a professor of economics at Princeton from 1979 to 1988 and was recognized, in part, for work he did with Michael Rothschild, now dean of the Woodrow Wilson School of Public and International Affairs.

They will share the award with George Akerlof, a professor of economics at the University of California-Berkeley. The trio was honored for their work in advancing new ways to analyze markets. "The laureates' contributions form the core of modern information economics," according to the Nobel news release.

Spence served on the faculty at Harvard University for nearly 20 years. He also was dean of the faculty of arts and sciences from 1984 to 1990. He joined the Stanford faculty in 1990 and was dean of the Graduate School of Business until 1999.

Stiglitz also was a faculty member at Stanford. While on leave, he served as member and as chairman of President Bill Clinton's Council of Economic Advisers from 1993 to 1997 and as chief economist at the World Bank from 1997 to 1999. He joined the Columbia faculty this year. The Nobel news release cited "one of Stiglitz's classical papers, co-authored with Michael Rothschild." The 1976 article is titled "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information."

Contact: Marilyn Marks (609) 258-3601

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