Author:
Giannakas Konstantinos,Fulton Murray
Abstract
AbstractAkerlof’s “Lemons” paper provides a seminal economic result suggesting that, in markets with asymmetric information where product quality is unobservable by consumers prior to purchase and use, the introduction of a low-quality product will drive its higher quality counterpart(s) out of the market. In this paper we identify some empirically relevant cases/conditions under which the introduction of a low-quality product does not drive its higher quality substitutes out of the market but, instead, ends-up coexisting with them.
Publisher
Springer Science and Business Media LLC
Subject
General Economics, Econometrics and Finance,General Psychology,General Social Sciences,General Arts and Humanities,General Business, Management and Accounting
Cited by
4 articles.
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