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The Market for Lemons
"The Market for Lemons: Quality Uncertainty and the Market Mechanism" is a 1970 paper by the economist George Akerlof which examines how the quality of goods traded in a market can degrade in the presence of information asymmetry between buyers and sellers, leaving only "lemons" behind. A lemon is an American slang term for a car that is found to be defective only after it has been bought.
Suppose buyers can't distinguish between a high-quality car (a "peach") and a "lemon". Then they are only willing to pay a fixed price for a car that averages the value of a "peach" and "lemon" together (pavg). But sellers know whether they hold a peach or a lemon. Given the fixed price at which buyers will buy, sellers will sell only when they hold "lemons" (since plemon < pavg) and they will leave the market when they hold "peaches" (since ppeach > pavg).
Thus the uninformed buyer's price creates an adverse selection problem that drives the high-quality cars from the market. Adverse selection is the market mechanism that leads to a market collapse.
Akerlof's paper shows how prices can determine the quality of goods traded on the market. Low prices drive away sellers with high-quality goods leaving only lemons behind. Akerlof, Michael Spence, and Joseph Stiglitz jointly received the Nobel Memorial Prize in Economic Sciences in 2001 for their research related to asymmetric information.
==The paper==
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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