Nobel winners have Princeton ties
Princeton NJ -- Two winners of the Nobel Prize in
economic sciences announced this month have Princeton
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
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."
October 22, 2001
Vol. 91, No. 7
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Nobel winners have
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