and Reaction to Akerlof Nobel Announcement
McFadden, UC Berkeley economics professor and Nobel Laureate
in Economics in 2000:
Akerlof's Nobel prize is richly deserved. He and his co-laureates
led a revolution in our understanding of how markets behave
when different participants have different information about
the qualities of commodities being traded. He showed that
in the absence of adequate mechanisms to assure quality and
verify and enforce contract provisions regarding quality,
markets may fail to form or may do a poor job of allocating
resources. His work has profound implications for the organization
and regulation of important real markets such as the labor
market, the market for health insurance, and markets for financial
Fellow, Brookings Institution:
reaction to news of the Akerlof win: "Elation. I cannot
think of anybody else whose selection would have caused me
as much pleasure."
just like him very much. Hes a fascinating person, enormously
than any other person in economics, George has worked to show
how the insight from sociology and psychology could broaden,
enrich and increase the power of economics. He is, in my opinion,
perhaps the most imaginative and creative applier of insights
from other disciplines."
Schelling, University of Maryland, Distinguished University
Professor of Economics:
is an exceedingly imaginative guy."
Market for Lemons'" brought him to fame in the economics
community. People have been noticing him ever sense."
is driven by "curiosity and a willingness to do things
that most economists consider it not their business to do."
many who apply his approach, which draws from anthropology,
psychology and sociology. "I
would say that when he began doing that it required a little
bravery," said Shelling, explaining that economists did
not incorporate other social sciences into their research
20 years ago.
hes significantly recognized and he can do what he wants
especially when a Nobel Prize comes along."
when somebody gets ahold of something by Akerlof it turns
out to be significant. I consider him to be somebody who thinks
outside the box."
A. Akerlof wins Nobel Prize in Economics - 2001
the media: Print-quality photos are available for download
through our Nobel
Image Downloads page.