George Arthur Akerlof
(born June 17, 1940) is an American economist. He won the 2001 Nobel Memorial Prize in Economic Sciences shared with Michael Spence and Joseph E. Stiglitz. He 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.
(born June 17, 1940) is an American economist. He won the 2001 Nobel Memorial Prize in Economic Sciences shared with Michael Spence and Joseph E. Stiglitz. He 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.
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