THE MARKET FOR LEMONS

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Whimsley: Learning By Drinking

  • . Akerlof’s big idea is called “the market for lemons”—lemons as in bad quality cars, not as in the fruit—and it has had a huge impact on economics, winning him the Nobel Prize in 2002.
  • . The spiral continues and the market unravels until the only cars that can be sold are those for which the quality is certain: lemons.
  • . Even when buyers would be happy to spend money for good quality merchandise, and even when sellers could make some money by providing it, the “lemons problem” means that many potentially beneficial exchanges fail to take place.
  • . But there is more to the lemons problem than this.
  • . The market for lemons is both less than and more than the truth.
  • . * * * Hidden in the market for lemons is an explanation of why British beer could stay as low-quality for years, and of how CAMRA could give independent producers a chance to sell their products.
  • . CAMRA solved the lemons problem faced by independent breweries.
  • . The market for lemons means that brands can drive out word-of-mouth products as long as they are “good enough” to make the search for reliable information too costly.



    A Market For Lemons - The Economic Price of Internet Retail Fraud
  • Web EzineArticles.com Email Address: Your Name: Got an Ezine Marketing or Email Newsletter Question? ::/ A Market For Lemons - The Economic Price of Internet Retail Fraud By Article Word Count: 528 Report This Article Report this article if you suspect it is not original content, is in violation of our Editorial Guidelines or our Author's Terms of Service.
  • . "The Market For Lemons" was an economics paper written by George Akerlof.
  • . To start, let's find out a little background about "The Market For Lemons." First off, a "lemon" by definition is a product that looks decent enough, but at its heart is a sour-tasting, piece of junk.
  • . They are most commonly referred to in car markets, but lemons can also apply to many other kinds of goods such as web and information products.
  • . Now back in the sixties, George Akerlof started thinking about lemons while he was an assistant professor at Berkeley.
  • . The central example Akerlof seizes on in "The Market For Lemons" is the used car market.



    XLab: UC Berkeley's Experimental Social Science Laboratory
  • . The Nobel Committee cited Akerlof's 1970 paper, "The Market for 'Lemons, '" which for the first time described the role of asymmetric information in causing market perversity.



    DOJ/Antitrust
  • . LEMONS GROWN IN CALIFORNIA AND ARIZONA; PROPOSED WEEKLY LEVELS OF VOLUME REGULATION FOR THE 1991-92 SEASON | DOCKET NO.
  • . LEMONS GROWN IN CALIFORNIA AND ARIZONA; PROPOSED WEEKLY LEVELS OF VOLUME REGULATION FOR THE 1991-92 SEASON | DOCKET NO.
  • . FV-91-289PR COMMENTS OF THE DEPARTMENT OF JUSTICE By notice dated July 8, 1991, the United States Department of Agriculture ("USDA") requested comments on a proposed rule to regulate the quantity of fresh California-Arizona lemons in the 1991-92 season.
  • . The evidence is clear that prorates impose continuing costs on society by increasing the price of domestic fresh lemons above the level that would prevail in the absence of volume regulation, as well as by inducing wasteful overproduction of lemons.
  • . Specifically, prorate does not provide any risk reduction to growers that cannot be better achieved through the many free market alternatives available; and when lemons and other citrus fruits have been marketed without prorates or other volume restrictions, no apparent "disorder" or other harm resulted.

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    Center for Research in Electronic Commerce UT Austin
  • . We examine economic implications of electronic payment systems and especially micropayments enabled by digital currencies in terms of size advantage, the lemons problem, digital product pricing, product differentiation, the commoditization of consumer information and advertisements, and copyrights.
  • . This lemons problem (Akerlof 1970) due to quality uncertainty is prominent in electronic commerce.
  • . In our book (see Choi, Stahl and Whinston 1997), we examine several market mechanisms to resolve the lemons problem in electronic commerce.
  • . "The market for lemons: Quality uncertainty and the market mechanism." Quarterly Journal of Economics, 84: 488-500.


    Marketing Order Suspensions and Fresh Lemon Retail-FOB Margins
  • This file is part of IDEAS, which uses RePEc data [ | ] Marketing Order Suspensions and Fresh Lemon Retail-FOB Margins | Download info | Richards, Timothy J Kagan, Albert Mischen, Pamela Adu-Asamoah, Richard In August 1994, the Secretary of Agriculture announced the termination of the marketing order and the associated flow-to-market, or prorate, controls for fresh California and Arizona (CA/AZ) lemons.
  • . The following formats are available:, , , , Handle: RePEc:jaa:jagape:v:28:y:1996:i:2:p:263-77 Keywords: conjectural variations, lemons, marketing order, monopsony power, retail-FOB margins Contact details of provider: Postal: Secretary/Treasurer, Dept.




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