George Akerlof


Also found in: Wikipedia.

George Akerlof

An American economist and academic born in 1940. He is most noted for his work on information asymmetry, which summarizes how economic actors use and share information in order to gain advantages in the market. Akerlof argues, contrary to neo-classical economics, that markets usually are inefficient because information is not spread evenly. He shared the Nobel Prize for Economics in 2001 for this work. Akerlof has also been noted for his work on the social effects of economic choices, particularly with regard to the availability of contraceptives and legal abortion.
Mentioned in ?
References in periodicals archive ?
In my new book with George Akerlof, Phishing for Phools: The Economics of Manipulation and Deception , we argue that unscrupulous behaviour has to be factored into economic theory in a fundamental way.
ySTANBUL (CyHAN)- George Akerlof published his famous article "The Market for Lemons" in 1970.
He succeeds George Akerlof, who was elected director emeritus.
George Akerlof, a winner of the Nobel prize for Economics, said that he was not paid for his role on the board and nor was there any conflict of interest.
And she'll be the first person in her position whose spouse is a Nobel Prize-winning economist - she's married to George Akerlof, who shared the prize in 2001.
Last but not least, she is the wife of Nobel laureate George Akerlof.
Project Syndicate Robert J Shiller, professor of economics at Yale University, is l co-author, with George Akerlof, of Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism.
Visually rich, it combines thought-provoking full-page, b&w and color photographs, drawings, and graffiti-like one-liners with essays by George Akerlof, Margaret Atwood, Lourdes Beneria, Herman Daly, Michael Hudson, Steve Keen, Manfred Max-Neef, David Orrell, Bill Rees, John Ralson Saul, Joseph Stiglitz.
Among the economists: George Akerlof, Hal Varian, Jan Hatzius, Lawrence Summers, Jeffrey Sachs, and Robin Hanson.
His follow-up 2009 book with George Akerlof, Animal Spirits, largely suffers from the same deficiency.
George Akerlof, The Market for Lemons: Quality Uncertainty and the Market Mechanism, 1970
In the most celebrated work on asymmetric information, on a "lemons" market in used cars, Nobel laureate George Akerlof showed how a lack of information by consumers could theoretically result in the collapse of an entire market for a good product.