George A. Akerlof Biography

George Akerlof is a foreign senior fellow at the Brookings Institution's Economic Studies department. At the University of California, Berkeley, he is the Koshland Professor of Economics. He was one of the co-winners of the Nobel Prize in Economics in 2001. He is the co-author of a seminal paper on the importance of information asymmetry in the lemon used vehicle market. His study defied conventional economic theory by demonstrating how markets fail when buyers and sellers have conflicting knowledge, as observed in used vehicle marketplaces. The research has a wide range of applications, including health insurance, financial markets, and employment contracts. An Economic Theorist's Book of Tales (1984), Efficiency Wage Models of the Labor Market (with Janet Yellen,1986), and Explorations in Pragmatic Economics (with Janet Yellen,1986) are among his works (2005). Akerlof is known for his studies that combine sociology, psychology, anthropology, and other disciplines to identify economic impacts and consequences. He graduated from Yale University with a bachelor's degree and went on to MIT for his doctorate.

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