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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Dale T. Mortensen:
Over the years, the technology of trade has changed in response to advances in the ability to commuDale T. Mortensen:
Unemployment is 'involuntary' when the price is above its market clearing level. Workers are unemplDale T. Mortensen:
In response to the drop in wealth suffered as a consequence of the 2008 financial crisis, homeownerDale T. Mortensen:
My co-winners, Peter Diamond and Christopher Pissarides, and I wish to thank the Royal Swedish AcadDale T. Mortensen:
Economics is a strange science. Our subject deals with some of the most important as well as mundanDale T. Mortensen:
Although labor income is by far the largest component of gross national product, a job is not justDale T. Mortensen:
Every great achievement is but a small peak in the mountain range of contributions.Dale T. Mortensen:
I grew up listening to my father argue politics into the night and taking trips every Saturday to tDale T. Mortensen:
I was a good student with mathematical ability and interests. As such, I took the usual college preDale T. Mortensen:
I became a member of the faculty at Northwestern University in 1965 but did not complete my thesis