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Theory of markets with asymmetric information
- George A. Akerlof (born June 17, 1940, New Haven, Connecticut, U.S.) is an American economist who, with A. Michael Spence and Joseph E. Stiglitz, won the Nobel Prize for Economics in 2001 for laying the foundation for the theory of markets with asymmetric information.
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George Arthur Akerlof (born June 17, 1940) is an American economist and 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.
My mother’s brother became professor at the University of Wisconsin and was one of the best-known physical chemists of his day, having been the lead author of a massive green tome entitled: The Molecular Theory of Gases. Being a chemist or, at least some form of physical scientist, was thus a family ideal, for my brother and for myself.
- Early Life and Education
- The Market For Lemons
- The Bottom Line
George A. Akerlof was born on June 17, 1940, in New Haven, CT. He earned a bachelor's degree from Yale University and a Ph.D. at the Massachusetts Institute of Technology in 1966. He joined the faculty at the University of California, Berkeley, as an economics professor, where he remains today.
George A. Akerlof introduced his theory of markets under asymmetric information in his paper, The Market for Lemons, Quality Uncertainty and the Market Mechanism, published in 1970. Asymmetric information exists when one party in an economic transaction has more information than the other. The Market for Lemons cites the example of a used car purch...
A renowned economist and educator, George A. Akerlof is known for his study of asymmetric information in markets. Awarded the 2001 Nobel Prize, he is Professor Emeritus at the University of California, Berkeley.
George A. Akerlof. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001. Born: 17 June 1940, New Haven, CT, USA. Affiliation at the time of the award: University of California, Berkeley, CA, USA. Prize motivation: “for their analyses of markets with asymmetric information”. Prize share: 1/3.
George Akerlof is a prominent economist best known for his work on asymmetric information, which has had a profound impact on understanding market failures.
Nov 14, 2003 · The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001 was awarded jointly to George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz "for their analyses of markets with asymmetric information"
