Asymmetric Information and Used Cars

Marginal Revolution University
Marginal Revolution University
341.5 هزار بار بازدید - 10 سال پیش - George Akerlof, a Nobel Prize-winning
George Akerlof, a Nobel Prize-winning economist, analyzed the theory of adverse selection – which occurs when an offer conveys negative information about what is being offered. In the market for used cars, Akerlof posited that sellers have more information about the car’s quality than buyers. He argued that this leads to the death spiral of the market, and market failure. However, the market has developed solutions such as warrantees, guarantees, branding, and inspections to offset information asymmetry.

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