Dale Thomas Mortensen (February 2, 1939 – January 9, 2014) was an American economist. He received his B.A. in economics from Willamette University and his PhD in Economics from Carnegie Mellon University. Born in Enterprise, Oregon, he was a member of the Beta Theta Pi fraternity. He had been on the faculty of Northwestern University since 1965 and a professor of Managerial Economics and Decision Sciences at the Kellogg School of Management since 1980. He was the Niels Bohr Visiting Professor at the School of Economics and Management, Aarhus University, from 2006 to 2010. He was awarded the Nobel Prize in Economics jointly with Christopher A. Pissarides from the London School of Economics and Peter A. Diamond from the Massachusetts Institute of Technology in 2010 "for their analysis of markets with search frictions". In May 2011, Mortensen was awarded an honorary Doctor of Science degree from his alma mater, Willamette University. He was married to Beverly Mortensen, also a Northwestern Professor.
Mortensen's research focused on labor economics, macroeconomics and economic theory. He is especially known for his pioneering work on the search and matching theory of frictional unemployment. He extended the insights from this work to study labor turnover and reallocation, research and development, and personal relationships.
Mortensen was a past president of the Society of Economic Dynamics and one of the founding editors of the Review of Economic Dynamics...
Quotes by Dale T Mortensen
As the future is never known with certainty, the evaluation of the prospective benefits requires the formation of expectations. An acceptable house, partner or job, then, is one that offers an expected stream of future benefit that has a value in excess of the option to continue to search for an even better alternative.
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