Economic decision-making beyond direct observation: signaling and the formation of beliefs
11 Nov 2024
17:30 -18:30
Times are shown in local time.
Open to: All
Chen-Tsao Lecture Theatre, Cambridge Judge Business School
Trumpington St
Cambridge
CB2 1AG
United Kingdom
Join the El-Erian Institute annual lecture by Michael Spence
Join us for the Institute’s annual lecture, this year featuring Nobel Laureate Professor Michael Spence, stepping back to asymmetric information and signaling, for better understandings and predictions, and navigating the global economy when direct observation is not possible.
The introduction and event moderation will be given by Professor Lucia Reisch, Director, The El-Erian Institute of Behavioural Economics and Policy.
Refreshments a drinks reception will be held after the lecture.
Please note, the event will not be recorded, in keeping with Chatham house rules.
Speaker bio
Professor Michael Spence
Nobel Laureate, Philip H Knight Professor and Dean, Emeritus, Stanford Graduate School of Business
Dean’s Distinguished Fellow, Cambridge Judge Business School
Professor Michael Spence is a senior fellow at the Hoover Institution and Philip H Knight Professor and Dean, Emeritus, at Stanford Graduate School of Business. He is the chairman of an independent Commission on Growth and Development, created in 2006 and focused on growth and poverty reduction in developing countries.
In 2001, he was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to the analysis of markets with asymmetric information.
Spence’s work has had a profound impact on various fields of economics, including labor economics, financial economics, and industrial organisation. His contributions to signaling theory have provided valuable insights into how individuals and firms interact in markets with asymmetric information. This theory explores how individuals or firms can use signals to convey information about their unobservable qualities to others.
Co-authored by former PM Gordon Brown and Dr. Mohamed El-Erian, Michael Spence, the book ‘Permacrisis: A Plan to Fix a Fractured World’ (with Reid Lidow, September 2023, Simon & Schuster) has put forward a strategy to prevent crises.
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