Dale T. Mortensen is a Professor of Economics at Northwestern University. He is a founding editor of the Review of Economic Dynamics and a Fellow of the Econometrics Society and the American Academy of Arts and Sciences.

He was awarded the 2010 Nobel Prize in Economic Sciences together with Christopher Pissarides and Peter Diamond for their contributions to the analysis to "Markets with Search Friction." The three co-winners developed a framework that seeks to explain why there are so many people unemployed at the same time as there are a large number of job openings. Their model helps explain the ways in which unemployment, job vacancies and wages are affected by regulation and economic policy and can also be applied to other areas, including the housing market.

Mortensen pioneered the theory of job search and search unemployment and extended it to study labor turnover, research and development, personal relationships, and labor reallocation. The model he helped develop has become the leading technique for the analysis of labor market fluctuations and the effects of labor market policies. It is designed to account for wage dispersion, the time series behavior of job and worker flows, and the role of reallocation in the determination of aggregate growth and productivity.

http://www.nobelprize.org/nobel_prizes/economics/laureates/2010/mortensen-lecture.html

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