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Nobel Prizes and Laureates


Nobel Prizes and Laureates

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001
George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz

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George A. Akerlof - Facts

George A. Akerlof

George A. Akerlof

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"

Field: economics of information

Contribution: Studied markets where sellers of products have more information than buyers about product quality. He showed that low-quality products may squeeze out high-quality products in such markets, and that prices of high-quality products may suffer as a result.

Prize share: 1/3

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This Prize was established in memory of Alfred Nobel.