Sunday, June 5, 2011

The Berkeley controversy over the market for lemons

I was on [George Akerlof's] promotion committee, and after I won an argument with [Nobel laureate] Gerard Debreu about the importance of the lemons paper, George got tenure.
--My recollection of Nobel laureate Dan McFadden's description of how George Akerlof, who later won a Nobel prize for the lemons paper, was tenured at Berkeley

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