1970 Works - The Market for Lemons, Spiral Jetty, Symphony No. 9, El Cimathe Market for Lemons, Spiral Jetty, Symphony No. 9, El Cimarron, Celtic Requiem, Partially Buried Woodshed, String Quarrron, Celtic Requiem, Partially Buried Woodshed, String Quartet No. 13 (Paperback)

Chapters: The Market for Lemons, Spiral Jetty, Symphony No. 9, El Cimarron, Celtic Requiem, Partially Buried Woodshed, String Quartet No. 13, Compases Para Preguntas Ensimismadas, Louis Cyr Monument. Source: Wikipedia. Pages: 34. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: "The Market for Lemons: Quality Uncertainty and the Market Mechanism" is a 1970 paper by the economist George Akerlof. It discusses information asymmetry, which occurs when the seller knows more about a product than the buyer. Akerlof, Michael Spence, and Joseph Stiglitz jointly received the Nobel Memorial Prize in Economic Sciences in 2001 for their research related to asymmetric information. Akerlof's paper uses the market for used cars as an example of the problem of quality uncertainty. It concludes that owners of good cars will not place their cars on the used car market. This is sometimes summarized as "the bad driving out the good" in the market. Akerlof's paper uses the market for used cars as an example of the problem of quality uncertainty. A used car is one in which ownership is transferred from one person to another, after a period of use by its first owner and its inevitable wear and tear. There are good used cars ("cherries") and defective used cars ("lemons"), normally as a consequence of several non-always-traceable variables such as the owner's driving style, quality and frequency of maintenance and accident history. Due to the fact that many important mechanical parts and other innards are hidden from view and not easily accessible for inspection, the buyer of a car does not know beforehand whether it is a cherry or a lemon. So the buyer's best guess for a given car is that the car is of average quality; accordingly, he/she will be willing to pay for it only the price of a car of known average quali...More: http: //booksllc.net/?id=21686