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In "The Market for Lemons: Quality Uncertainty and the Market Mechanism", published in Quarterly Journal of Economics in 1970 he coined the term "Lemon" for a used car with hidden defects.
Akerlof received his Bachelor's degree from Yale University in 1962, and his PhD from MIT in 1966. His maternal great-grandfather was born in Oakland, California and was an alumnus of UC Berkeley (Class of 1873). His maternal grandfather was also a Berkeley alumnus. His wife Janet Yellen is a professor of economics at UC Berkeley.