5-The Market for Lemons-Quality Uncertainty and the Market Mechanism英语教案.pdf

The Market for Lemons: Quality Uncertainty and the Market Mechanism Author(s): George A. Akerlof Source: The Quarterly Journal of Economics, Vol. 84, No. 3 (Aug., 1970), pp. 488-500 Published by: Oxford University Press Stable URL: /stable/1879431 . Accessed: 17/10/2011 07:00 Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at . /page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. Oxford University Press is collaborating with JSTOR to digitize, preserve and extend access to The Quarterly Journal of Economics. THE MARKET FOR LEMONS: QUALITY UNCERTAINTY AND THE MARKET MECHANISM* A. AKERLOF GEORGE I. Introduction, 488.-II. The model with automobiles as an example, 489.- III. Examples and applications, 492.- IV. Counteracting institutions, 499. -V. Conclusion, 500. I. INTRODUCrION This paper relates quality and uncertainty. The existenceof goodsof many gradesposes interestingand importantproblemsfor the theory of markets. On the one hand,the interactionof quality differencesand uncertaintymay explain importantinstitutions of the labor market. On the other hand, this paper presents a strug- in under- to the statement:Business glingattemptto give structure in particular,a structureis given developedcountriesis difficult; the economic