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The Market for 'Lemons': Quality Uncertainty and the Market Mechanism" [1] is a widely cited seminal paper in the field of economics which explores the concept of asymmetric information in markets. The paper was written in 1970 by George Akerlof and published in the Quarterly Journal of Economics .
"The Market for Lemons" and asymmetric information [ edit ] Akerlof is perhaps best known for his article, " The Market for Lemons: Quality Uncertainty and the Market Mechanism ", published in the Quarterly Journal of Economics in 1970, in which he identified certain severe problems that afflict markets characterized by asymmetric information ...
Print/export Download as PDF; Printable version; In other projects Wikimedia Commons; ... The Market for Lemons; Market risk; Monopoly profit; Monopsony;
Created Date: 8/30/2012 4:52:52 PM
Sir Thomas Gresham. In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation.
In his papers, Schelling quotes the well-known "The Market for Lemons: Quality Uncertainty and the Market Mechanism" paper written in 1970 by George Akerlof. [8] Similarly, Granovetter cited the Nash Equilibrium game in his papers.
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