George Arthur Akerlof is an American economist who is a university professor at Georgetown University’s McCourt School of Public Policy and the Koshland Professor of Economics Emeritus at the University of California, Berkeley.
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Akerlof, along with Michael Spence and Joseph Stiglitz, received the Nobel Memorial Prize in Economic Sciences in 2001 “for their analysis of markets with asymmetric knowledge.”
George Arthur Akerlof was born on June 17, 1940. He is 81 years old. George is married to a fellow economist and The United States secretary of treasury Janet Yellen. They have a child together, a son named Robert, who is also an economist.
How much is George Akerlof Worth?
George Akerlof has a net worth of $5 million
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Has George Akerlof published any Books?
His published works as an author include Identity Economics, Animal Spirits, An Economic Theorist’s Book of Tales, and others.
What is the theory behind Market For Lemons?
The Lemon Market Theory (LMT) was developed by Nobel prize winner George A. Akerlof in his major paper, “The Market for Lemons: Quality Uncertainty and the Market Mechanism,” published in 1970.
The term “lemon market” refers to a situation in which vendors are better educated than purchasers about the quality of the item for sale, such as used cars. The market collapses due to information asymmetry (sellers know more than buyers).
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