EBK THE ECONOMICS OF MONEY, BANKING AND
EBK THE ECONOMICS OF MONEY, BANKING AND
4th Edition
ISBN: 9780100668201
Author: Mishkin
Publisher: YUZU
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Chapter 8, Problem 1WE
To determine

In this chapter, we discuss the lemons problem and its effect on the efficient functioning of a market. This theory was initially developed by George Akerlof. Go to http://www.nobel.se/economics/laureates/2001/public.html. This site reports that Akerlof, Spence and Stiglitz were awarded the Nobel Prize in economics in 2001 for their work. Read this report down through the section on George Akerlof. Summarize his research ideas in one page.

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