Economic Sciences

Banquet speech

George A. Akerlof ‘s speech at the Nobel Banquet, December 10, 2001 My colleagues and I would like to express our deepest gratitude for the prize bestowed upon us for our work on asymmetric information. Asymmetric information occurs where buyers and sellers have different information. It has been present since the dawn of trade. In…

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Banquet speech

Daniel L. McFadden’s speech at the Nobel Banquet, December 10, 2000 Your Majesties, Your Royal Highnesses, Ladies and Gentlemen, The term “economics”, in its original Greek, means “of the hearth”, the ancient and practical science of household management. Over the millennia, the discipline has transformed itself into a grander enterprise, speaking sagely of the organization…

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