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George A. Akerlof
The Koshland Professor of Economics at the University of California at Berkeley and Nobel laureate 2001
Akerlof studied at Yale University (B.A., 1962) and the Massachusetts Institute of Technology (Ph.D., 1966). In 1966 he began teaching at the University of California, Berkeley, becoming Goldman Professor of Economics in 1980. His research often drew from other disciplines, including psychology, anthropology, and sociology, and he played an important role in the development of behavioral economics.
In 2001 he was co-recipient of the Prize in Economic Sciences in honor of Alfred Nobel with A. Michael Spence andJoseph Stiglitz .
The Nobel Committee cited Akerlof’s 1970 paper, “The Market for ‘Lemons,’” which for the first time described the role of asymmetric information in causing market perversity. A vicious circle in used car markets illustrates the phenomenon. Potential sellers of used cars, with their superior information, withhold good cars from the market; buyers react by reducing the price they are willing to pay; and in turn sellers further reduce the quality of cars put up for sale.
Dr. Akerlof has also pioneered in the application of sociology and psychology to the workings of the macro-economy, and recently published, with Robert Shiller, Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism.
Dr. Akerlof has been senior economist at the President’s Council of Economic Advisers, and past president, vice president and member of the executive committee of the American Economics Association, and member of the Council of the Econometric Society.
In his 2007 presidential Address to the American Economic Association, Akerlof proposed natural norms that decision makers have for how they should behave. He also proposed a new agenda for macroeconomics with inclusion of those norms.
He is a trustee of the Economists for Peace and Security, and co-director of the Social Interactions, Identity and Well-Being program at Canadian Institute for Advanced Research.
Publications
- George A. Akerlof and Robert J. Shiller, 2009. "Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism", Princeton University Press
- George A. Akerlof, "Thoughts on global warming." chinadialogue (2006). 14 July 2008.
- George A. Akerlof, 2005. "Explorations in Pragmatic Economics", Oxford University Press.
- George A. Akerlof and Janet Yellen, 1986. Efficiency Wage Models of the Labor Market. Orlando, Fla.: Academic Press.
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