executive committee:
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George Akerlof, Principal Investigator
George Akerlof is Professor of Economics at the University of California at Berkeley. In 2001 he was co-recipient of the Prize in Economic Sciences in honor of Alfred Nobel. The Nobel Committee cited Akerlof's 1970 paper, "The Market for 'Lemons,'" which for the first time described the role of asymmetric information in causing market perversity. A vicious circle in used car markets illustrates the phenomenon. Potential sellers of used cars, with their superior information, withhold good cars from the market; buyers react by reducing the price they are willing to pay; and in turn sellers further reduce the quality of cars put up for sale. Dr. Akerlof has also pioneered in the application of sociology and psychology to the workings of the macroeconomy. He has been senior economist at the President's Council of Economic Advisers, and past vice president and member of the executive committee of the American Economics Association, and member of the Council of the Econometric Society. From 1979 to 1981 he was Cassel Professor of Money and Banking at the London School of Economics. |
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Teck Ho, Co-Principal Investigator
Teck Ho is the William Halford, Jr. Family Professor of Marketing at the University of California, Berkeley. Prior to his position at Berkeley, he held academic positions at the Wharton School of Business, University of Pennsylvania , where he earned his Ph.D, and the Anderson School of Business, UCLA. Dr. Ho serves as Associate Editor of Management Science and of IEEE Transactions on Engineering Management, and is on the Editorial Boards of Manufacturing and Service Operations Management and Quantitative Marketing and Economics. He has consulted on new product and technology strategy development for Campbell Soups, Ingersoll-Rand, INTEL, HP, Igine, and Boeing. Current research areas include experimental economics, customer value analysis, marketing/manufacturing coordination, and retail management. |
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Barbara Mellers, Executive Director and Co-Principal Investigator
Barbara Mellers is Professor of Marketing and Organizational Behavior at the Haas School of Business. She was the recipient of a Presidential Young Investigator Award and is a past president of the Judgment and Decision Making Society. She studies the psychological processes that drive human judgment and decision making and has developed descriptive models that capture violations of rationality. Dr. Mellers's early work focused on perceptions of fairness. The enormous influence of contextual effects led her to ask more general questions about contextual effects and response model effects on many types of judgments and decisions. Her current research interests involve the connections between emotions and choice and jury decision making. She has published numerous papers on the cognitive, emotional, and motivational processes that underlie decision making. |
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John Morgan, Co-Principal Investigator
John Morgan is Associate Professor of Business and of Economics at UC Berkeley. Prior to joining the faculty at Cal, he was an Assistant Professor in the Woodrow Wilson School for Public and International Affairs at Princeton University. He received his Ph.D. from The Pennsylvania State University. His research includes studies of the economics of the Internet, information flows within organizations, and auctions. He has written articles on how to choose advisors in organizations, the economics of price comparison sites on the Internet, and the impact of restrictive amendment rules on legislative outcomes. His articles have been published in American Economic Review, Journal of Political Economy, and American Political Science Review as well as other top journals. Dr. Morgan is currently involved in consulting projects examining optimal pricing of listings for a leading Internet price comparison site in Europe as well as developing pricing strategies for a major airline on competing Internet travel sites. Past consulting focused on bankruptcy and litigation, on antitrust issues for the Federal Trade Commission, and on intellectual property rights in the pharmaceutical industry. |
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Terrance Odean, Former Executive Director
Terrance Odean is a Professor of Finance at the Haas School of Business. He is an editor at the Review of Financial Studies. Odean's research focuses investor behavior, investor welfare, and the influence of investor decision processes on equity market returns. His research has been cited in The Wall Street Journal, The New York Times, The L.A. Times, The Washington Post, The International Herald Tribune, Time, Newsweek, U.S. News and World Report, Barron's, Forbes, Business Week, Smart Money, Bloomberg Personal, Worth, Kipplinger's Personal Finance, and several other publications. During the summer of 1970, Odean drove a yellow cab in New York City. |
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