George Akerlof

  • 2 Posts
  • 1 Sections
  • 1 Types
August 31, 2024 5 min read Definitions
Market for Lemons: Asymmetric Information in Economics
Economics Finance Asymmetric Information Market Inefficiency George Akerlof Quality Uncertainty Adverse Selection
An exploration of the Market for Lemons, a concept in economics describing how quality uncertainty and asymmetric information can lead to market inefficiency.
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August 24, 2024 4 min read Definitions
The Problem of Lemons: Understanding Information Asymmetry in Markets
Economics Finance Information Asymmetry Market Failure Lemons Problem Adverse Selection George Akerlof
Explores the concept of information asymmetry in markets, often illustrated with the metaphor of defective products termed as 'lemons’, and its implications for buyers and sellers.
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