Equilibrium of competitive insurance market: A paper on incomplete information economics written by Stiglitz and Rothschild in 1976 has great influence. In particular, their classification of equilibrium has become a normative concept in microeconomics, especially information economics. His articles may have the highest citation rate in information economics and microeconomics. In many of his papers (many of which are co-authors), he repeatedly pointed out that economic models may be very misleading if the asymmetry of information is ignored.

Stiglitz and Rothschild summarized the work of akerlof and Spencer in the article Equilibrium in Competitive Insurance Market: A Paper on Incomplete Information Economics, and continued to develop on the basis of their research, and finally achieved outstanding achievements. Therefore, this paper has become a classic of Stiglitz's research on asymmetric information.