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George Akerlof

George Akerlof was awarded the Nobel Prize in Economics in 2001 for his work on asymmetric information, which refers to situations where one party has more information than another party in a transaction. Akerlof is best known for his work on the "lemons problem," which explains how the quality of goods in a market can be adversely affected by asymmetric information.

See also: Lemons Problem

See also

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