The Department of Economics

The Grunberg Lecture Series

The Eleventh Lecture - April 27, 1998

James A. Mirrlees Image
Professor James A. Mirrlees
Department of Economics and Politics
University of Cambridge
Nobel Prize in Economics, 1996
"How Fast Should the Economy Grow?"

Professor Mirrlees shared the Nobel Prize in 1996 with Dr. William Vickery for their fundamental contributions to economic theory of incentives under asymmetric information. Mirrlees' research found a more thorough solution to the problems associated with optimal incomes taxes. He soon realized that his method could also be applied to many other similar problems. It has become a principal constituent of the modern analysis of complex information and incentive problems. Mirrlees' approach has become particularly valuable in situations where it is impossible to observe another agent's actions, so-called moral hazard

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