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DAVID DODGE LECTURE   Past event

David Dodge CIFAR Lecture: George Akerlof

Mar 10, 2016

3:45 PM - 6:30 PM

Panorama Room, National Arts Centre,
53 Elgin St,
Ottawa, ON

 

 

 

About

This is the second installment in a new CIFAR lecture series to honour former Board Chair David Dodge and his extraordinary contributions to Canada. George Akerlof is a Nobel Laureate and professor at Georgetown University. His lecture draws on new insights from his latest book Phishing for Phools, co-authored with Nobel Laureate Robert Shiller. Their work challenges traditional economic views and is a must-read for all those who strive to understand market behaviour.


 

Introductory remarks provided by Stephen S. Poloz, Governor of the Bank of Canada.

“Professor Akerlof has repeatedly challenged economic thought and come out the winner!” said Hugo Sonnenschein, Chair of the Selection Committee and a member of CIFAR’s board. “He is an intellectual giant and the perfect individual to inaugurate this important lectureship.”

Akerlof is a University Professor at Georgetown University and the recipient of the 2001 Nobel Prize for his analyses of markets with asymmetric information. This research showed that in markets where sellers have more information than buyers, low-quality products — such as defective used cars — may drive out high quality products because of consumer uncertainty.

More recently, his research has incorporated new thinking from sociology into economics, such as identity and norms. He has argued, most prominently in his 2010 book Identity Economics, co-authored with CIFAR Senior Fellow Rachel Kranton (Duke University), that ignoring social psychological concepts neglects crucial factors in economic outcomes and overlooks important policy considerations. Akerlof has been engaged in three of CIFAR’s programs over more than two decades.

About David Dodge: A true Canadian leader, David Dodge has been engaged with CIFAR for many years. He first learned about CIFAR when he worked at the Department of Finance in the mid-1980’s. At that time, he was visited by then-CIFAR President Fraser Mustard, who made the case for federal government support for a CIFAR program in Economic Growth and Policy.

From 1992-1997, David Dodge served as the Deputy Minister of Finance where he played a decisive role in turning the ongoing federal government deficit into a historic stretch of surplus budget years. From 1998 to 2001, he served as Deputy Minister of Health Canada where he drew extensively from CIFAR’s Population Health program. From 2001-2008, David Dodge was Governor of the Bank of Canada where his leadership was instrumental in managing Canada’s economic health during the global financial downturn.

In 2010, he enthusiastically agreed to lend his talents and energy to the CIFAR board and took on the role of Chair. He remains an active and committed CIFAR champion. When he stepped down as Chair, his contributions to Canadian public policy and to CIFAR were honoured with the creation of this award in his name and with the financial support of Scotiabank.

About George Akerlof: George Akerlof is a University Professor at Georgetown University and the recipient of the 2001 Nobel Prize for his analyses of markets with asymmetric information. This research showed that in markets where sellers have more information than buyers, low-quality products — such as defective used cars — may drive out high quality products because of consumer uncertainty. More recently, his research has incorporated new thinking from sociology into economics, such as identity and norms. He has argued, most prominently in his 2010 book Identity Economis, co-authored with CIFAR Senior Fellow Rachel Kranton (Duke University), that ignoring social psychological concepts neglects crucial factors in economic outcomes and overlooks important policy considerations. Akerlof has been engaged in three of CIFAR’s programs over more than two decades.

SPONSORED BY:
Scotiabank