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Andrew Michael Spence
Andrew Michael Spence (born November 7, 1943) is a Canadian-American economist and Nobel laureate. Spence is the William R. Berkley Professor in Economics and Business at the Stern School of Business at New York University, and the Philip H. Knight Professor of Management, Emeritus, and Dean, Emeritus, at the Stanford Graduate School of Business. Together with George A. Akerlof and Joseph E. Stiglitz, Spence is a co-recipient of the 2001 Nobel Memorial Prize in Economic Sciences, "for their analyses of markets with asymmetric information." Career Spence is noted for his job-market signaling model, which inspired research into this branch of contract theory. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Montclair, New Jersey
Montclair () is a township in Essex County in the U.S. state of New Jersey. Situated on the cliffs of the Watchung Mountains, Montclair is a wealthy and diverse commuter town and suburb of New York City within the New York metropolitan area. As of the 2020 U.S. census, the township's population was 40,921, reflecting an increase of 3,234 (+8.5%) from the 37,687 counted in the 2010 Census. As of 2010, it was the 60th-most-populous municipality in New Jersey. Montclair was first formed as a township on April 15, 1868, from portions of Bloomfield Township, so that a second railroad could be built to Montclair. After a referendum held on February 21, 1894, Montclair was reincorporated as a town, effective February 24, 1894.Snyder, John P''The Story of New Jersey's Civil Boundaries: 1606–1968'' Bureau of Geology and Topography; Trenton, New Jersey; 1969. p. 129. Accessed July 6, 2012. It derives its name from the French ''mont clair'', meaning "clear mountain" or "bright mounta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stanford Graduate School Of Business
The Stanford Graduate School of Business (also known as Stanford GSB) is the graduate business school of Stanford University, a private research university in Stanford, California. For several years it has been the most selective business school in the United States, admitting only about 6% of applicants. Stanford GSB offers a general management Master of Business Administration (MBA) degree, the MSx Program ( MS in Management for mid-career executives) and a PhD program, along with joint degrees with other schools at Stanford including Earth Sciences, Education, Engineering, Law and Medicine. The GSB also offers Stanford LEAD Business Program, an online professional certificate program. History The school was founded in 1925 when trustee Herbert Hoover formed a committee consisting of Wallace Alexander, George Rolph, Paul Shoup, Thomas Gregory, and Milton Esberg to secure the needed funds for the school's founding. Willard Hotchkiss became the first dean of Stanford GSB. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hoover Institution
The Hoover Institution (officially The Hoover Institution on War, Revolution, and Peace; abbreviated as Hoover) is an American public policy think tank and research institution that promotes personal and economic liberty, free enterprise, and limited government. While the institution is formally a unit of Stanford University, it maintains an independent board of overseers and relies on its own income and donations. It is widely described as a conservative institution, although its directors have contested the idea that it is partisan. In 1919, the institution began as a library founded by Stanford alumnus Herbert Hoover prior to his presidency in order to house his archives gathered during the Great War. The Hoover Tower, an icon of Stanford University, was built to house the archives, then known as the Hoover War Collection (now the Hoover Institution Library and Archives), and contained material related to World War I, World War II, and other global events. The collection was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Council On Foreign Relations
The Council on Foreign Relations (CFR) is an American think tank A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-governmenta ... specializing in U.S. foreign policy and international relations. Founded in 1921, it is a nonprofit organization that is independent and nonpartisan. CFR is based in New York City, with an additional office in Massachusetts. Its Members of the Council on Foreign Relations, membership has included senior politicians, numerous United States Secretary of State, secretaries of state, Central Intelligence Agency, CIA directors, bankers, lawyers, professors, corporate directors and CEOs, and senior Mass media, media figures. CFR meetings convene government officials, global business leaders and prominent members of the intelligence and foreign-policy community to discuss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Growth Commission
The Commission on Growth and Development (informally known as the Growth Commission) was an independent body chaired by American economist Michael Spence that brought together 22 policy-makers, academics, and business leaders to examine various aspects of economic growth and development. Launched in 2006, the Commission set out to take stock of the state of theoretical and empirical knowledge on economic growth with a view to drawing implications for policy for the current and future policymakers. Its work culminated in two publications – ''The Growth Report: Strategies for Sustained growth and Inclusive Development'' in May 2008 – and ''Post-Crisis Growth in Developing Countries : A Special Report of the Commission on Growth and Development on the Implications of the 2008 Financial Crisis'' in October 2009. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rhodes Scholarship
The Rhodes Scholarship is an international postgraduate award for students to study at the University of Oxford, in the United Kingdom. Established in 1902, it is the oldest graduate scholarship in the world. It is considered among the world's most prestigious international scholarship programs. Its founder, Cecil John Rhodes, wanted to promote unity among English-speaking nations and instill a sense of civic-minded leadership and moral fortitude in future leaders, irrespective of their chosen career paths. Initially restricted to male applicants from countries that are today within the Commonwealth, Germany and the United States, the scholarship is now open to applicants from all backgrounds and genders around the world. Since its creation, controversy has surrounded its initial exclusion of women, its historical failure to select black Africans, and Cecil Rhodes's own standing as a British imperialist. Rhodes Scholars have achieved distinction as politicians, academics, s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Magdalen College, Oxford
Magdalen College (, ) is a constituent college of the University of Oxford. It was founded in 1458 by William of Waynflete. Today, it is the fourth wealthiest college, with a financial endowment of £332.1 million as of 2019 and one of the strongest academically, setting the record for the highest Norrington Score in 2010 and topping the table twice since then. It is home to several of the university's distinguished chairs, including the Agnelli-Serena Professorship, the Sherardian Professorship, and the four Waynflete Professorships. The large, square Magdalen Tower is an Oxford landmark, and it is a tradition, dating to the days of Henry VII, that the college choir sings from the top of it at 6 a.m. on May Morning. The college stands next to the River Cherwell and the University of Oxford Botanic Garden. Within its grounds are a deer park and Addison's Walk. History Foundation Magdalen College was founded in 1458 by William of Waynflete, Bishop of Winchester a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rotman School Of Management
The Joseph L. Rotman School of Management (commonly known as the Rotman School of Management, the Rotman School or just Rotman) is the University of Toronto's graduate business school, located in Downtown Toronto. The University of Toronto has been offering undergraduate courses in commerce and management since 1901, but the business school was formally established in 1950 as the Institute of Business Administration. The name was changed to the Faculty of Management Studies in 1972 and subsequently shortened to the Faculty of Management in 1986. The school was renamed in 1997 after Joseph L. Rotman (1935–2015), its principal benefactor. The school offers undergraduate, graduate and doctoral programs in business administration, finance and commerce, including full-time, part-time and executive MBA programs along with a Master of Finance program, a Master of Management Analytics, the Master of Financial Risk Management, a Graduate Diploma in Professional Accounting, and a doctora ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Toronto
The University of Toronto (UToronto or U of T) is a public research university in Toronto, Ontario, Canada, located on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada. Originally controlled by the Church of England, the university assumed its present name in 1850 upon becoming a secular institution. As a collegiate university, it comprises eleven colleges each with substantial autonomy on financial and institutional affairs and significant differences in character and history. The university maintains three campuses, the oldest of which, St. George, is located in downtown Toronto. The other two satellite campuses are located in Scarborough and Mississauga. The University of Toronto offers over 700 undergraduate and 200 graduate programs. In all major rankings, the university consistently ranks in the top ten public universities in the world and as the top university ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Toronto Schools
University of Toronto Schools (UTS) is an independent secondary day school affiliated with the University of Toronto in Toronto, Ontario, Canada. The school follows a specialized academic curriculum, and admission is determined by competitive examination. UTS is associated with two Nobel Prize Laureates. History University of Toronto Schools was founded in 1910 as a "practice school", also known as a laboratory school, for the University of Toronto's Faculty of Education.Advani, ''With Pardonable Pride: The University of Toronto Schools'' As originally conceived and reflected in its present name, UTS was intended to be a collection of at least two schools, one of which would enroll female students. The original plan was to recruit 200 teachers and 1200 students, but financial constraints limited the number of students to 375 boys. The school operated a junior ice hockey team during the 1910s and 1920s in the Ontario Hockey Association. The school won the J. Ross Robertson Cup a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Theory
From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations. Holmström (MIT) focused more on the connectio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Signaling (economics)
In contract theory, signalling (or signaling; see spelling differences) is the idea that one party (the agent) credibly conveys some information about itself to another party (the principal). Although signalling theory was initially developed by Michael Spence based on observed knowledge gaps between organisations and prospective employees, its intuitive nature led it to be adapted to many other domains, such as Human Resource Management, business, and financial markets. In Spence's job-market signaling model, (potential) employees send a signal about their ability level to the employer by acquiring education credentials. The informational value of the credential comes from the fact that the employer believes the credential is positively correlated with having the greater ability and difficulty for low ability employees to obtain. Thus the credential enables the employer to reliably distinguish low ability workers from high ability workers. The concept of signaling is also app ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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