George Akerlof is the 2001 recipient of the Nobel Prize in Economics together with Michael Spence and Joseph Stieglitz for their analyses of markets with asymmetric information.
Tagged: information asymmetry
One key element that affects how people behave in different situations is the information they have about the issue. But, generally speaking, people do not possess same levels of information. This difference in the amount of information between two parties is known as information asymmetry.