george akerlof nobel prize

George Akerlof was educated at Yale and the Massachusetts Institute of Technology, where he received his PhD in 1966, the same year he became an assistant professor at Berkeley. George A. Akerlof held his Prize Lecture December 8, 2001, at Aula Magna, Stockholm University. George A. Akerlof: A winner of the 2001 Nobel Prize in Economics, along with Michael Spence and Joseph Stiglitz, for his theory of information asymmetry as expressed in …

Thus, a scholar strongly associated with liberal and Democratic-leaning policy positions has been approvingly cited by conservative and Republican-leaning analysts and commentators.Bankruptcy for profit will occur if poor accounting, lax regulation, or low penalties for abuse give owners an incentive to pay themselves more than their firms are worth and then default on their debt obligations. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox.

He is also well known for his efficiency wage hypothesis, which suggests that wages are determined by the efficiency goals of employers in addition to supply and demand forces. Get exclusive access to content from our 1768 First Edition with your subscription. Indeed it ‘is probably the single most important contribution to the literature on economics of information’ (Löfgren et al., 2002, p. 197) and is the paper for which Akerlof was awarded the Nobel Memorial Prize. He was presented by Lars E.O. Another interesting fact: he is married to former Fed Chair Janet Yellen, whom he met at the Federal Reserve Board where he was working for a year between a stint at Berkeley and the London School of Economics. Many markets feature asymmetric information – people on one side having better information than those on the other. Akerlof shared the 2001 prize with fellow MIT greats Spence and Stiglitz for, according to the Nobel Prize committee, "study[ing] markets where sellers of products have more information than buyers about product quality. Bankruptcy for profit occurs most commonly when a government guarantees a firm's debt obligations.

Features  Look for popular awards and laureates in different fields, and discover the history of the Nobel Prize. John R. Hicks was a British economist who received the 1972 Nobel Memorial Prize for his work developing the general equilibrium and welfare theory. This theory, to the average person, may be more understandable than an abstract economic theory because it can be observed in real life.

George A. Akerlof (1940-present) is an American economist who is part of the New Keynesian Economy.

Akerlof's paper shows how prices can determine the quality of goods traded on the market. In 2001 (together with Michael Spence and Joseph Stiglitz) he was awarded the Nobel Memorial Prize in Economic Sciences for “analyses of markets with asymmetric information.” George Akerlof was born in New Haven (Conneticut) in 1940. The 2001 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel was awarded to George A. Akerlof, A. Michael Spence, and Joseph E. Stiglitz for their work on the economic implications of asymmetric information during the 1970s. This article was most recently revised and updated by Categories  The ‘Market for “Lemons”’ is Akerlof’s best-known paper. Nobel Prize in Economics documents, Nobel Prize Committee View citations (8) See also Journal Article in The American Economist (2003) Interview with the 2001 Laureates in Economics, George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz Nobel Prize in Economics documents, Nobel Prize Committee ; 1990. He is a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley.. In 2001 he won the Nobel Prize in Economic Sciences, along with Michael Spence and Joseph E. Stiglitz . Svensson, Chairman of the Prize Committee.George A. Akerlof held his Prize Lecture December 8, 2001, at Aula Magna, Stockholm University.

It is the second consecutive year in which the Nobel has gone to a UC Berkeley economist. The offers that appear in this table are from partnerships from which Investopedia receives compensation.

George A. Akerlof is the winner of the 2001 Nobel Prize in Economics, along with Michael Spence and Joseph Stiglitz, for his theory of information asymmetry as described in his famous 1970 paper, "The Market for Lemons: Quality Uncertainty and the Market Mechanism," which discusses imperfect information in the market for used cars.

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