George Akerlof


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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.
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George Akerlof won the Nobel Prize in part for his paper The Market for Lemons, in which he showed how markets with imperfect information could lead to serious problems.
-- Project Syndicate * Robert J Shiller, a 2013 Nobel laureate in economics and Professor of Economics at Yale University, is co-author, with George Akerlof, of Phishing for Phools: The Economics of Manipulation and Deception.
George Akerlof and Robert Shiller in Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism describe how information asymmetry, adverse selection and moral hazard can erode confidence and trust and contribute to market failure or even financial crisis.
This led economist George Akerlof to conclude decades ago that the overall quality of the products will diminish when there is asymmetric information (information known only by the seller).
Shiller, a 2013 Nobel laureate in economics and professor of economics at Yale University, is co-author, with George Akerlof, of "Phishing for Phools: The Economics of Manipulation and Deception." THE DAILY STAR publishes this commentary in collaboration with Project Syndicate [c] (www.project-syndicate.org).
As George Akerlof and Janet Yellen recognized, and Figure 1 illustrates, even small departures from optimal behavior may lead to aggregate behavior that is quite different from equilibrium.
The bishop claimed that the late Pope's insight was validated by 2001 Nobel Prize Winner for Economics George Akerlof who concluded that 'widespread use of contraceptives has led to higher rates of divorce, single parenthood, drug abuse and other social evils.'
George Akerlof, a Nobel laureate in economics, has shown empirically that the crime increase in the 1970s and 1980s in the United States was linked to declines in the marriage rate among young working-class and poor men.
George Akerlof (1970) addressed how information asymmetry affects markets, citing the used car market as an example of how information asymmetry affects price in a market.
Overseas Supplier may not be able to sell in the US market without Acme due to information asymmetries or "the lemons problem." George Akerlof explained that information asymmetries often characterize market exchanges because a potential buyer knows less about the product than the product's seller.
Nobel Memorial Prize in Economic Sciences recipient George Akerlof was the first to discuss the negative consequences of information asymmetry in his 1970 paper, "The Market for Lemons: Quality Uncertainty and the Market Mechanism".
Economist George Akerlof won a Nobel Prize (http://economics.sas.upenn.edu/~hfang/teaching/socialinsurance/readings/fudan_hsbc/Akerlof70(2.1).pdf) for his work on asymmetric information  and how it leads to terrible market outcomes.