Concept information
Preferred term
market for lemons
Definition
- George Akerlof developed the idea of the market for lemons to explain problems related to information asymmetries in markets. “Lemons” refer to used cars that are of poor quality. [Source: Encyclopedia of Business Ethics and Society; Market for Lemons]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/market_for_lemons
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