柠檬市场：质量的不确定性和市场机制中英对照.docx

.. The Markets for “ Lem:ons 〞 Quality uncertainty and The Market Mechanism 柠檬市场：质量的不确定性和市场机制 Geogre A. Akerlof 阿克洛夫 一、引言 This paper relates quality and uncertainty. The existence of goods of many grades poses interesting and important problems for the theory of market〔s本.文论述的是质 量和不确定性问题。 现实中存在大量多种档次的物品给市场理论提出了饶有趣味 而十分重大的难题〕 On the one hand, the interaction of quality differences and uncertainty may explain important institutions of the labor marke〔t一.方面，质量差异 和不确定性的相互作用可以解释劳动力的重要机制〕 On the other hand, this paper presents a struggling attempt to give structure to the statement: Business in under-developed countries is difficult; in particular, a structure is given for determining the economic costs of dishonesty.〔另一方面，本文试图通过讨论获得这样的结论： 在不兴旺国家，商业交易是困难的，其中，特别论及了欺骗性交易的经济本钱〕 Additional applications of the theory include ments on the structure of money markets, on the notion of insurability, on the liquidity of durables, and on brand-name goods. 〔本文的理论还可以用来研究货币市场、 保险可行性、 耐用品的流动性和名牌商 品等问题〕 There are many markets in which buyers use some market statistic to judge the quality of prospective purchases〔.在许多市场中，买者利用市场的统计数据来判断 他们将要购置的商品的质量〕 In this case there is incentive for sellers to market poor . word.zl- .. quality merchandise, since the returns for good quality accrue mainly to the entire group whose statistic is affected rather than to the individual seller. As a result there tends to be a reduction in the average quality of goods and also in the size of the mar〔kt.这种情 况下， 卖者有动力提供低质量商品， 因为某种商品的价格主要取决于所有同类商 品质量的统计数据而非该商品的实际质量。结果，商品的平均质量将趋于下降， 市场规模将不断缩小〕 It should also be perceived that in these markets social and private returns differ, and therefore, in some cases, governmental intervention may increase the welfare of all parties. Or private institutions may arise to take advantage of the potential increases in welfare which can accrue to all parti〔e.们还可以观察到在 这种市场上，对个人和社会有不同的回报，因此，某种情况下，政府的干预可以 增进社会的总体福利水平。