TAILIEUCHUNG - The market for lemons quality uncertainty and mechanism

The market for lemons quality uncertainty and mechanism present about the model with automobiles as an example; example and application; counteracting institutions; conclusion of The market for lemons quality uncertainty and mechanism. | The Market for Lemons Quality Uncertainty and the Market Mechanism STOR George A. Akerlof The Quarterly Journal of Economics Vol. 84 No. 3 Aug. 1970 488-500. Stable URL http sici sici 0033-5533 28197008 2984 3A3 3C488 3ATMF 22QU 3B2-6 Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http about . JSTOR s Terms and Conditions of Use provides in part that unless you have obtained prior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content in the JSTOR archive only for your personal non-commercial use. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. The Quarterly Journal of Economics is published by The MIT Press. Please contact the publisher for further permissions regarding the use of this work. Publisher contact information may be obtained at http joumals . The Quarterly Journal of Economics 1970 The MIT Press JSTOR and the JSTOR logo are trademarks of JSTOR and are Registered in the . Patent and Trademark Office. For more information on JSTOR contactjstor-info@. 2003 JSTOR http Sun Aug 31 23 19 21 2003 THE MARKET FOR LEMONS QUALITY UNCERTAINTY AND THE MARKET MECHANISM George a. Akerlof I. Introduction 488. II. The model with automobiles as an example 489. III. Examples and applications 492. IV. Counteracting institutions 499. V. Conclusion 500. I. Introduction This paper relates quality and uncertainty. The existence of goods of many grades poses interesting and important problems for the theory of markets. On the one hand the interaction of quality differences and uncertainty may explain important institutions of the labor market. On the other hand this paper presents a struggling attempt to give structure to the statement Business in .

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