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Highlights on the topic – Quality Uncertainty and the Market
Quality uncertainty and the market is a topic that is best explained with the help of theory given by economist George Akerlof. This theory actually depicts that how the goods qualities that are traded in a market will be degraded when there is existence of asymmetric information. Here we are talking about the asymmetries related to information amongst the sellers and the buyers.
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Explanation of concepts via used cars
In this theory the market of used cars is chosen to depict the situation of quality uncertainty and market mechanism. Those used cars that are in good condition are referred as peaches and those in bad or defective condition are referred as lemons. The buyers due to asymmetric information don’t know that whether the car is actually a peach or a lemon. So he or she will be willing to pay only a fixed price that will be the average of lemon and peach case put together.
But sellers know the exact condition of their cars. So they would wish to sell only lemons at an average fix price and will not be willing to bring peaches in the market. As more and more sellers will hold peaches then buyers’ willingness to pay will also decrease. This entire situation actually depicts the case of adverse selection because of asymmetric information.
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