Special Feature: Nobel Prize in Economics
Mortensen, and two others, were recognized for "their analysis of markets with search frictions." The three developed a framework to explain why unemployment is high at a time when there are a large number of job openings. Their model helps explain the ways in which unemployment, job vacancies and wages are affected by regulation and economic policy and can also be applied to other areas, including the housing market.
Dale Mortensen receives a royal welcome during week of Nobel Prize festivities in Stockholm
Dale Mortensen is a visiting professor this fall at Aarhus University in Denmark. He spoke Monday to media on a conference call and said jokingly the simplest explanation of his complicated research is, "It takes time for workers to find jobs and for employers to find workers."
Northwestern celebrates Mortensen's Nobel Prize
Mortensen was one of two winners of the 2007 Society of Labor Economists' Jacob Mincer Award for lifetime contributions to the field of labor economics. He was recognized for having revolutionized the economic analysis of labor markets with his work on search and matching models.
The IZA Prize in Labor Economics 2005 was awarded to Dale Mortensen by the Institute for the Study of Labor, Bonn Germany. The award recognized his pioneering work that revolutionized theoretical and empirical labor market research.