Joseph E. Stiglitz
|Joseph E. Stiglitz|
He is a member of the CFTC-SEC Advisory Committee on Emerging Regulatory Issues and president elect of the International Economic Association, in addition to being co-chair of the Commission on the Measurement of Economic Performance and Social Progress and Chair of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System.
Stiglitz was awarded a Nobel Prize in 2001 after his work clarified the opposite type of market adjustment, where poorly informed agents extract information from the better informed, such as the screening performed by insurance companies dividing customers into risk classes by offering a menu of contracts where higher deductibles can be exchanged for significantly lower premiums. In a number of contributions about different markets, Stiglitz showed that asymmetric information can provide the key to understanding many observed market phenomena, including unemployment and credit rationing.
Stiglitz was a Fulbright Scholar and a Tapp Junior Research Fellow at Cambridge University in 1970.