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1、TheMarketfor"Lemons":QualityUncertaintyandtheMarketMechanismAuthor(s):GeorgeA.AkerlofSource:TheQuarterlyJournalofEconomics,Vol.84,No.3(Aug.,1970),pp.488-500Publishedby:OxfordUniversityPressStableURL:http://www.jstor.org/stable/1879431.Accessed:17/10/201107:00YouruseoftheJSTORarchiveindicatesyou
2、racceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproduct
3、ivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.OxfordUniversityPressiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheQuarterlyJournalofEconomics.http://www.jstor.orgTHEMARKETFOR"LEMONS":QUALITYUNCERTAINTYANDTHEMARKETMECHANISM*GE
4、ORGEA.AKERLOFI.Introduction,488.-II.Themodelwithautomobilesasanexample,489.-III.Examplesandapplications,492.-IV.Counteractinginstitutions,499.-V.Conclusion,500.I.INTRODUCrIONThispaperrelatesqualityanduncertainty.Theexistenceofgoodsofmanygradesposesinterestingandimportantproblemsforthetheoryofma
5、rkets.Ontheonehand,theinteractionofqualitydifferencesanduncertaintymayexplainimportantinstitutionsofthelabormarket.Ontheotherhand,thispaperpresentsastrug-glingattempttogivestructuretothestatement:"Businessinunder-developedcountriesisdifficult";inparticular,astructureisgivenfordeterminingtheecon
6、omiccostsofdishonesty.Additionalappli-cationsofthetheoryincludecommentsonthestructureofmoneymarkets,onthenotionof"insurability,"ontheliquidityofdur-ables,andonbrand-namegoods.Therearemanymarketsinwhichbuyersusesomemarketstatistictojudgethequalityofprospectivepurchases.Inthiscasethereisincentive
7、forsellerstomarketpoorqualitymerchandise,sincethereturnsforgoodqualityaccruemainlytotheentiregroupwhosestatisticisaffectedratherthantotheindividualseller.Asaresulttheretendstobeareductionintheaveragequalityofgoodsandalsointhesizeo
