Nobel Prize-winning alumnus Dale Mortensen to discuss labor market model

Nobel Prize-winning economist and Willamette University alumnus Dale Mortensen will deliver a lecture entitled, “Markets with Search Friction and the Great Recession,” Sept. 15, 7:30-8:30 p.m. in Hudson Hall, within Rogers Music Center. He will present the Diamond-Mortensen-Pissarides model, and then discuss how it provides insight into unemployment after the recent recession. The lecture is free and open to the public.

Mortensen graduated from Willamette University in 1961 with a bachelor’s degree in economics. He is the Ida C. Cook Professor of Economics at Northwestern University, where he has been on the faculty since 1965.

Mortensen shared the Nobel Prize with Peter Diamond, an economist at the Massachusetts Institute of Technology, and Christopher Pissarides, professor at the London School of Economics. The three men pioneered a theory that helps explain why people remain unemployed despite many job vacancies. The model can be used to estimate how unemployment benefits, interest rates, the efficiency of employment agencies and other factors affect the job market.