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On the market for “Lemons”: quality provision in markets with asymmetric information
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Journal Article
On the market for “Lemons”: quality provision in markets with asymmetric information
2020
Overview
Akerlof’s “Lemons” paper provides a seminal economic result suggesting that, in markets with asymmetric information where product quality is unobservable by consumers prior to purchase and use, the introduction of a low-quality product will drive its higher quality counterpart(s) out of the market. In this paper we identify some empirically relevant cases/conditions under which the introduction of a low-quality product does not drive its higher quality substitutes out of the market but, instead, ends-up coexisting with them.
Publisher
Springer Nature B.V,Springer Nature
Subject
