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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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.
In addition, six current or past members of the NBER Board of Directors have received the Nobel Prize: George Akerlof, 2001; Robert Solow, 1987; and the late: William Vickrey, 1996; Douglass North, 1993; James Tobin, 1981; and Paul Samuelson, 1970.
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.
The latter is comprised of such diverse approaches as for example the concept of bounded rationality developed by Herbert Simon, the analysis of institutional change introduced by Douglass North, the theory of market failure of George Akerlof or the inclusion of transaction costs elaborated by Oliver Williamson.
Pablo Mira resena Phishingfor Phools, de George Akerlof y Robert Shiller, publicado en 2015 por Princeton University Press, traducido al castellano como La economia de la manipulacion.
In Phishing for Phools, George Akerlof and Robert Shiller reject this theory, calling for a new economic analysis that takes into account deception and misperception, which they believe to be rampant in market economies.
Economist George Akerlof has spent much of his celebrated career thinking about how trickery and deceit affect markets.
In the book Phishing for Phools: The Economics of Manipulation and Deception, George Akerlof and Robert Schiller dive deeper into the realm of behavioral economics.
He is the author of Irrational Exuberance, the third edition of which was published in January 2015, and, most recently, Phishing for Phools: The Economics of Manipulation and Deception, co-authored with George Akerlof.
In Phishing for Phools, George Akerlof and Robert Shiller profess a qualified faith in free markets.
The asymmetric approach of game theory - as identified by American economist and 2001 Nobel Prize winner George Akerlof - analyzes how players in a game can optimize their outcomes in either cooperative or non-cooperative circumstances through adverse selection and signaling.