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Any number of markets are somewhat biased in that one side has more information than the other. For instance, borrowers know more about their chances of repayment than lenders; company boards know more about their firm's potential profits than shareholders; and clients know more about their actual risks than insurance companies. Such markets are said to be characterized by asymmetric information, and this year's winners of the Nobel Prize in Economics are credited with laying the foundation for a general theory of how these markets behave.
The three laureates¿George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz (described below)¿will share equally the prize, worth 10 million in Swedish Crowns (about $950,000). They will accept their awards at a ceremony on December 10th in Stockholm.
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