In 1996, he was awarded a Nobel Prize in economics, for contributions to the theory of asymmetric information.He was knighted in 1997.

• 1996年因对"不对称资讯条件下的经济激励理论"做出的卓越贡献，获得1996年诺贝尔经济学奖，并于1997年获英国女王授予"爵士"爵位。