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Although Akerlof's "Market for Lemons" paper was written solely focusing on the used car market, there are many other applications of this theory in other types of markets beyond the used car market. Examples of applications include health insurance, vehicle related insurance and also within the labour market which, similarly to Akerlof's ...
Lemon law protection arises under state law, with every U.S. state and the District of Columbia having its own lemon law. [1] Although the exact criteria vary by state, new vehicle lemon laws require that an auto manufacturer repurchase a vehicle that has a significant defect that the manufacturer is unable to repair within a reasonable amount of time. [2]
In 1915, in response to competition from imported Italian lemons, which at that time had nearly half the American market, Sunkist started aggressively marketing the benefits of Sunkist lemons, promoting their use as a hair rinse, in tea, in pie and as a food garnish. By 1924, California lemons had 90% of the American lemon market. [3]
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A History and Biographical Cyclopaedia of Butler County, Ohio with Illustrations and Sketches of Its Representative Men and Pioneers. Cincinnati, Ohio: Western Biographical Publishing Company, 1882. Ohio. Secretary of State. The Ohio municipal and township roster, 2002-2003. Columbus, Ohio: The Secretary, 2003.
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[3] [4] He had realised that preserving the juice with sugar rather than alcohol opened the product up to a far wider market. The first factory producing lime juice was set up as "L. Rose & Co." on Commercial Street in Leith, Scotland, in 1868. [5] This was located adjacent to the Old East Dock built during the Napoleonic War.