Photo from the Nobel Foundation archive.
George A. Akerlof
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001
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."
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