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Vor 4 Tagen · The Lemon Market: The term 'lemon market' was popularized by economist George Akerlof in his 1970 paper "The Market for 'Lemons'", where he described the market for used cars. Akerlof pointed out that owners of defective cars (lemons) are more likely to sell their vehicles than owners of good cars. Since buyers cannot easily tell a good car from a lemon, they are only willing to pay a price ...
Vor einem Tag · The impact of asymmetric information on market transactions has been extensively studied by economists such as George Akerlof. Akerlof, along with A. Michael Spence and Joseph E. Stiglitz, was awarded the Nobel Prize in Economics in 2001 for his work in laying the foundations of the theory of markets with asymmetric information. In his famous 1970 paper, “The Market for ‘Lemons ...
Vor 4 Tagen · In 2001 George Akerlof, Michael Spence and Joseph Stiglitz won the Noble Prize in Economics for their research related to “asymmetric information” and its impact on the selling of used cars. In his 1970 paper “The Market for Lemons” Akerlof demonstrated how a salesperson had a significant negotiating advantage over the buyer because of knowing much more about the history of the car and ...
Vor 5 Tagen · Akerlof’s “famous” article (among fellow mathematical economists) was flatly contradicted by the actual used car market long before it was published. Thirty-day product warrantees, which existed in 1970, were the used car industry’s way of solving the (non-existent) “lemons problem.”
Vor 4 Tagen · The economist and Nobel winner George Akerlof set out the problem in his seminal 1970 paper The Market for Lemons. This argued that information asymmetry gradually soured confidence and reduced valuations, not just for the old bangers – the lemons – but for the peaches too. Everything gets tarred with the same brush. That powerfully makes the case for high standards and tough rules.
Vor 5 Tagen · It was for this contribution to the theory of information asymmetry that he shared the Nobel Memorial Prize in Economics with George A. Akerlof and A. Michael Spence in 2001 "for laying the foundations for the theory of markets with asymmetric information".
Vor 45 Minuten · But George’s market was different from Leonard’s. He had opportunities for four-year, maximum extensions elsewhere. And the Clippers stood firm in only offering three years at less than…
