Dynamics of information

Fake Nobel Prize!, originally uploaded by jonte.

Michael Spence (born November 7, 1943) is an American-born, Canadian-raised economist and recipient of Nobel Prize in economics, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development.

George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of California, Berkeley. He won the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2001 (shared with Michael Spence and Joseph E. Stiglitz). His father was Swedish and his mother a Jewish American. Akerlof is perhaps best known for his article, "The Market for Lemons: Quality Uncertainty and the Market Mechanism", published in Quarterly Journal of Economics in 1970, in which he identified the severe problems that may afflict markets characterized by asymmetrical information.

Joseph Stiglitz (born February 9, 1943) is an American economist. He is a recipient of the John Bates Clark Medal (1979) and the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (2001). Former Senior Vice President and Chief Economist of the World Bank, he is famous for his critical view of globalization and international institutions like the International Monetary Fund or the World Bank. In 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001 he has been a member of the Columbia faculty, and has held the rank of University Professor since 2003. He also advises the University of Manchester's World Poverty Institute.