# Nobel Laureate Prof. Michael Spence's research on the asymmetry of information is cited

1 Faculty News April 4, 2012 ![The New York Times Logo](/sites/default/files/styles/246w/public/assets/images/uat_027320.jpg?itok=W8xBr66g)>

Excerpt from [The New York Times](http://www.nytimes.com/roomfordebate/2012/04/01/how-to-teach-economics-after-the-financial-crisis/the-role-of-reality-in-prices) -- " ... even when unconstrained, price movements are often insufficient to clear markets, as pointed out by George Akerlof, [A. Michael Spence](http://www.stern.nyu.edu/faculty/bio/a-michael-spence) and Joseph Stiglitz in work that garnered them the Nobel Prize."

[Read more](http://www.nytimes.com/roomfordebate/2012/04/01/how-to-teach-economics-after-the-financial-crisis/the-role-of-reality-in-prices)