- lemon market theory
- lemon market theory
In 1970 George Akerlof published a ground braking paper about the
consequences of information assymetry. The full title is : 'The Market for
Lemons: Quality Uncertainty and the Market Mechanism'.
In markets where it is impossible to asses the quality of a product/service,
where, so to say the seller of the product has more information than the buyer,
the market will gradualy deteriorate and maybe even eventually dissapear
altogether.
more
source:
York University
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