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Mortensen"></figure> <h1 class="author__headline"><span itemprop="name">Dale T. Mortensen</span> Quotes</h1> </div> <div class="author__about__description"> <p> <span itemprop="nationality"><a href="/nationality/us/">United States</a></span>, <span itemprop="jobTitle"><a href="/profession/29/">Economist</a></span><br> <span itemprop="birthDate"> <a href="/born/feb-2/" title="Was Born">February 2</a>, <a href="/born/1939/" title="birthdate_year_title">1939</a></span> – <span itemprop="deathDate" title="Died on">January, 9, 2014.</span></p><div class="cut" itemprop="description" id="author__description"> <p> Dale Thomas Mortensen (February 2, 1939 – January 9, 2014) was an American economist and Nobel laureate. </p> <p> Also known as <a href="/profession/98/">University Teacher</a>, <a href="/profession/86/">Professor</a> </p> </div> <span class="more" id="auhtor_info_more" more="more" less="Less">more</span> <ul class="author__about__options"><li><a href="https://en.wikipedia.org/wiki/Dale_T._Mortensen" class="i-wiki" target="_blank" itemprop="url" title="Wikipedia article about Dale T. Mortensen"></a></li></ul> </div> </section> <div class="switch"> <ul class="switch-view" role="menu"> <li id="switch_cards" role="menuitem" class="active"><i class="i-cards" title="view_as_cards"></i></li> <li id="switch_list" role="menuitem"><i class="i-list" title="view_as_list"></i></li> </ul> </div> <ul class="quotes--cards"> <li class="quotes-item" itemscope="" itemtype="http://schema.org/Quotation"> <blockquote itemprop="text"> <a href="/a76/1189e/">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.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. Mortensen</span> </a> </cite> <ul class="quotes-item__options"> <li> <button class="i-favorite popup-toggle" onclick="event.stopImmediatePropagation(); $('#popup_auth').modal('show');" title="Add to Favorites" qid="1189e"></button> </li> </ul> <ul class="quotes-item__share" data-id="1189e" itemtype="quote"> <li> <button class="i-fb" data-url="https://www.facebook.com/share.php?u=https://citatis.com/a76/1189e/" title="Share to Facebook"></button> </li> <li> <button class="i-tw" data-url="https://twitter.com/share?text=As%20the%20future%20is%20never%20known%20with%20certainty%2C%20the%20evaluation%20of%20the%20prospective%20benefits%20requires%20the%20formation%20of%20expectations.%20An%20acceptable%20house%2C%20partner%20or%20job%2C%20then%2C%20is%20one%20that%20offers%20an%20expected%20stream%20of%20future%20benefit%20that%20has%20a%20value%20in%20excess%20of%20the%20option%20to%20continue%20to%20search%20for%20an%20even%20better%20alternative.&url=https%3A%2F%2Fcitatis.com%2Fa76%2F1189e%2F" title="Share to Twitter"></button> </li> </ul> <ul class="quotes-item__tags"> <li><a href="/topic/257/">Job</a></li> <li><a href="/topic/166/">Future</a></li> <li><a href="/topic/1358/">House</a></li> </ul>  </li> <li class="quotes-item" itemscope="" itemtype="http://schema.org/Quotation"> <blockquote itemprop="text"> <a href="/a76/1474c/">Over the years, the technology of trade has changed in response to advances in the ability to communicate. From its origins on the streets of Chicago, the Board of Trade moved to a building housing 'trading pits' for the open-outcry exchange by brokers representing buyers and sellers.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. Mortensen</span> </a> </cite> <ul class="quotes-item__options"> <li> <button class="i-favorite popup-toggle" onclick="event.stopImmediatePropagation(); $('#popup_auth').modal('show');" title="Add to Favorites" qid="1474c"></button> </li> </ul> <ul class="quotes-item__share" data-id="1474c" itemtype="quote"> <li> <button class="i-fb" data-url="https://www.facebook.com/share.php?u=https://citatis.com/a76/1474c/" title="Share to Facebook"></button> </li> <li> <button class="i-tw" data-url="https://twitter.com/share?text=Over%20the%20years%2C%20the%20technology%20of%20trade%20has%20changed%20in%20response%20to%20advances%20in%20the%20ability%20to%20communicate.%20From%20its%20origins%20on%20the%20streets%20of%20Chicago%2C%20the%20Board%20of%20Trade%20moved%20to%20a%20building%20housing%20%27trading%20pits%27%20for%20the%20open-outcry%20exchange%20by%20brokers%20representing%20buyers%20and%20sellers.&url=https%3A%2F%2Fcitatis.com%2Fa76%2F1474c%2F" title="Share to Twitter"></button> </li> </ul> <ul class="quotes-item__tags"> <li><a href="/topic/558/">Technology</a></li> <li><a href="/topic/35/">Years</a></li> <li><a href="/topic/465/">Chicago</a></li> </ul>  </li> </ul><div class="banner--main">  <div id='div-gpt-ad-1539479904694-1'> <script> googletag.cmd.push(function() { var slot; var slotName = 'div-gpt-ad-1539479904694-1'; if (screen.width > 1000) { slot = googletag.defineSlot('/150025860/citatis-top', [[728, 90]], slotName).addService(googletag.pubads()); } else { document.getElementById(slotName).classList.add("banner--mobile"); slot = googletag.defineSlot('/150025860/citatis-top', [[336, 280]], slotName).addService(googletag.pubads()); } googletag.display(slotName); googletag.pubads().refresh([slot]); }); </script> </div> </div> <ul class="quotes--cards"> <li class="quotes-item" itemscope="" itemtype="http://schema.org/Quotation"> <blockquote itemprop="text"> <a href="/a76/02bec/">I was a good student with mathematical ability and interests. As such, I took the usual college preparatory program in high school for one looking to become an engineer: all the available courses in mathematics and science.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. Mortensen</span> </a> </cite> <ul class="quotes-item__options"> <li> <button class="i-favorite popup-toggle" onclick="event.stopImmediatePropagation(); $('#popup_auth').modal('show');" title="Add to Favorites" qid="02bec"></button> </li> </ul> <ul class="quotes-item__share" data-id="02bec" itemtype="quote"> <li> <button class="i-fb" data-url="https://www.facebook.com/share.php?u=https://citatis.com/a76/02bec/" title="Share to Facebook"></button> </li> <li> <button class="i-tw" data-url="https://twitter.com/share?text=I%20was%20a%20good%20student%20with%20mathematical%20ability%20and%20interests.%20As%20such%2C%20I%20took%20the%20usual%20college%20preparatory%20program%20in%20high%20school%20for%20one%20looking%20to%20become%20an%20engineer:%20all%20the%20available%20courses%20in%20mathematics%20and%20science.&url=https%3A%2F%2Fcitatis.com%2Fa76%2F02bec%2F" title="Share to Twitter"></button> </li> </ul> <ul class="quotes-item__tags"> <li><a href="/topic/57/">Good</a></li> <li><a href="/topic/31/">School</a></li> <li><a href="/topic/1037/">High</a></li> </ul>  </li> <li class="quotes-item" itemscope="" itemtype="http://schema.org/Quotation"> <blockquote itemprop="text"> <a href="/a76/25c41/">Economics is a strange science. Our subject deals with some of the most important as well as mundane issues that impinge on the human condition.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. 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At Northwestern, I was mentored by the 'three Bobs:' Robert Eisner, Robert Strotz and Robert Clower.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. Mortensen</span> </a> </cite> <ul class="quotes-item__options"> <li> <button class="i-favorite popup-toggle" onclick="event.stopImmediatePropagation(); $('#popup_auth').modal('show');" title="Add to Favorites" qid="21bd5"></button> </li> </ul> <ul class="quotes-item__share" data-id="21bd5" itemtype="quote"> <li> <button class="i-fb" data-url="https://www.facebook.com/share.php?u=https://citatis.com/a76/21bd5/" title="Share to Facebook"></button> </li> <li> <button class="i-tw" data-url="https://twitter.com/share?text=I%20became%20a%20member%20of%20the%20faculty%20at%20Northwestern%20University%20in%201965%20but%20did%20not%20complete%20my%20thesis%20until%20two%20years%20later%20at%20a%20graduate%20ceremony%20at%20which%20Carnegie%20Institute%20of%20Technology%20became%20Carnegie-Mellon%20University.%20At%20Northwestern%2C%20I%20was%20mentored%20by%20the%20%27three%20Bobs:%27%20Robert%20Eisner%2C%20Robert%20Strotz%20and%20Robert%20Clower.&url=https%3A%2F%2Fcitatis.com%2Fa76%2F21bd5%2F" title="Share to Twitter"></button> </li> </ul> <ul class="quotes-item__tags"> <li><a href="/topic/558/">Technology</a></li> <li><a href="/topic/35/">Years</a></li> <li><a href="/topic/622/">Three</a></li> </ul>  </li> <li class="quotes-item" itemscope="" itemtype="http://schema.org/Quotation"> <blockquote itemprop="text"> <a href="/a76/34017/">Unemployment is 'involuntary' when the price is above its market clearing level. Workers are unemployed because jobs are not available at the prevailing wages, period. The only recourse is to either expand the number of jobs or somehow lower the wage.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. Mortensen</span> </a> </cite> <ul class="quotes-item__options"> <li> <button class="i-favorite popup-toggle" onclick="event.stopImmediatePropagation(); $('#popup_auth').modal('show');" title="Add to Favorites" qid="34017"></button> </li> </ul> <ul class="quotes-item__share" data-id="34017" itemtype="quote"> <li> <button class="i-fb" data-url="https://www.facebook.com/share.php?u=https://citatis.com/a76/34017/" title="Share to Facebook"></button> </li> <li> <button class="i-tw" data-url="https://twitter.com/share?text=Unemployment%20is%20%27involuntary%27%20when%20the%20price%20is%20above%20its%20market%20clearing%20level.%20Workers%20are%20unemployed%20because%20jobs%20are%20not%20available%20at%20the%20prevailing%20wages%2C%20period.%20The%20only%20recourse%20is%20to%20either%20expand%20the%20number%20of%20jobs%20or%20somehow%20lower%20the%20wage.&url=https%3A%2F%2Fcitatis.com%2Fa76%2F34017%2F" title="Share to Twitter"></button> </li> </ul> <ul class="quotes-item__tags"> <li><a href="/topic/2372/">Period</a></li> <li><a href="/topic/785/">Price</a></li> <li><a href="/topic/1180/">Unemployment</a></li> </ul>  </li> <li class="quotes-item" itemscope="" itemtype="http://schema.org/Quotation"> <blockquote itemprop="text"> <a href="/a76/21cc2/">My co-winners, Peter Diamond and Christopher Pissarides, and I wish to thank the Royal Swedish Academy of Sciences and the Nobel Foundation for this very great honor. We each feel privileged and humbled to be named the winners of the 2010 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. Mortensen</span> </a> </cite> <ul class="quotes-item__options"> <li> <button class="i-favorite popup-toggle" onclick="event.stopImmediatePropagation(); $('#popup_auth').modal('show');" title="Add to Favorites" qid="21cc2"></button> </li> </ul> <ul class="quotes-item__share" data-id="21cc2" itemtype="quote"> <li> <button class="i-fb" data-url="https://www.facebook.com/share.php?u=https://citatis.com/a76/21cc2/" title="Share to Facebook"></button> </li> <li> <button class="i-tw" data-url="https://twitter.com/share?text=My%20co-winners%2C%20Peter%20Diamond%20and%20Christopher%20Pissarides%2C%20and%20I%20wish%20to%20thank%20the%20Royal%20Swedish%20Academy%20of%20Sciences%20and%20the%20Nobel%20Foundation%20for%20this%20very%20great%20honor.%20We%20each%20feel%20privileged%20and%20humbled%20to%20be%20named%20the%20winners%20of%20the%202010%20Sveriges%20Riksbank%20Prize%20in%20Economic%20Sciences%20in%20Memory%20of%20Alfred%20Nobel.&url=https%3A%2F%2Fcitatis.com%2Fa76%2F21cc2%2F" title="Share to Twitter"></button> </li> </ul> <ul class="quotes-item__tags"> <li><a href="/topic/178/">Great</a></li> <li><a href="/topic/431/">Wish</a></li> <li><a href="/topic/104/">Honor</a></li> </ul>  </li> <li class="quotes-item" itemscope="" itemtype="http://schema.org/Quotation"> <blockquote itemprop="text"> <a href="/a76/28b9/">The 1970s was the decade of developments in the new area of information economics. Search theory, which emphasized the need to gather information, was joined by models that featured asymmetric information, the case in which information differed across individual agents.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. Mortensen</span> </a> </cite> <ul class="quotes-item__options"> <li> <button class="i-favorite popup-toggle" onclick="event.stopImmediatePropagation(); $('#popup_auth').modal('show');" title="Add to Favorites" qid="28b9"></button> </li> </ul> <ul class="quotes-item__share" data-id="28b9" itemtype="quote"> <li> <button class="i-fb" data-url="https://www.facebook.com/share.php?u=https://citatis.com/a76/28b9/" title="Share to Facebook"></button> </li> <li> <button class="i-tw" data-url="https://twitter.com/share?text=The%201970s%20was%20the%20decade%20of%20developments%20in%20the%20new%20area%20of%20information%20economics.%20Search%20theory%2C%20which%20emphasized%20the%20need%20to%20gather%20information%2C%20was%20joined%20by%20models%20that%20featured%20asymmetric%20information%2C%20the%20case%20in%20which%20information%20differed%20across%20individual%20agents.&url=https%3A%2F%2Fcitatis.com%2Fa76%2F28b9%2F" title="Share to Twitter"></button> </li> </ul> <ul class="quotes-item__tags"> <li><a href="/topic/418/">Information</a></li> <li><a href="/topic/1946/">Search</a></li> <li><a href="/topic/648/">New</a></li> </ul>  </li> </ul> <div class="banner--main">  <div id='div-gpt-ad-1539479904694-2'> <script> googletag.cmd.push(function() { var slot; var slotName = 'div-gpt-ad-1539479904694-2'; if (screen.width > 1000) { slot = googletag.defineSlot('/150025860/citatis-top', [[728, 90]], slotName).addService(googletag.pubads()); } else { document.getElementById(slotName).classList.add("banner--mobile"); slot = googletag.defineSlot('/150025860/citatis-top', [[336, 280]], slotName).addService(googletag.pubads()); } googletag.display(slotName); googletag.pubads().refresh([slot]); }); </script> </div> </div> <ul class="quotes--cards"> <li class="quotes-item" itemscope="" itemtype="http://schema.org/Quotation"> <blockquote itemprop="text"> <a href="/a76/04d95/">Every great achievement is but a small peak in the mountain range of contributions.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. 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For many, work is an important reason for living. Even for those who are less fortunate in their allocation of work, being unemployed is a miserable state.</a> </blockquote> <cite itemprop="spokenByCharacter" itemscope="" itemtype="http://schema.org/Person"> <a href="/a76/"> <figure class="character-image"> <img itemprop="image" src="//cdn.citatis.com/img/a/c/76.v5.jpg" alt="Dale T. Mortensen"> </figure> <span class="cite-src" itemprop="name">Dale T. 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