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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 .
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, the paper for which he was awarded the Nobel Memorial Prize. [10]
High-quality cars tend to be pushed out of the market, because there is no good way to establish that they really are worth more. Certified pre-owned programs are an attempt to mitigate this problem by providing a warranty and other guarantees of quality. The Market for Lemons is a work that examines this problem in more detail.
The Market for Lemons", 1970 paper by the economist George Akerlof; Interview with John J. Woodcock III of West Hartford, Connecticut. Woodcock, as a Connecticut State Representative from South Windsor, was the proponent of the first "Lemon Law" enacted in the United States. Archived 2012-12-12 at archive.today
Created Date: 8/30/2012 4:52:52 PM
Struck Gogh-ld. A newly discovered Vincent van Gogh painting worth $15 million was likely found at a dusty Minnesota garage sale — where a buyer plunked down less than $50 for the world-famous ...
George Akerlof's paper The Market for Lemons [4] introduced a model to help explain a variety of market outcomes when quality is uncertain. Akerlof's primary model considers the automobile market where the seller knows the exact quality of a car. In contrast, the buyer only knows the probability of whether a vehicle is good or bad (a lemon).
No guilt, just pleasure in spicy romance books. As one of romance’s hottest authors (both in steamy scenes and popularity), Huang says she gets frustrated when she hears how romance is cast ...