1、字数：英文 1522 单词， 7636 字符；中文 2705 汉字 出处： Scott A, Wolla.Why Is It So Difficult To Buy a High-Quality Used Car?JPage One Economics Newsletter.2016 外文文献： Why Is It So Difficult To Buy a High-Quality Used Car? “I discovered that the informational problems that exist in the used car market were potentially
2、 present to some degree in all markets.” George A. Akerlof, Nobel Prize winner, 2001 Are you in the market for a vehicle? During the 2007-09 recession, new vehicle sales plunged to their lowest levels in nearly 30 years. They have since fully recovered as people replace their aging vehicles with shi
3、ny new cars, trucks, vans, and sport utility vehicles. Prices of new vehicles, however, are at all-time highs, leading many buyers to look for used vehicles. It can be a challenge, though, for buyers to figure out whether they are getting a good deal. The seller generally knows far more about the ve
4、hicle. Even with careful examination, the buyer still likely wont know everything the seller knows. When one party knows more about the product than the other party, there is “asymmetric information.” In the case of a used car, the seller has more information and the advantage. The opposite can also
5、 be true in a transactionthe buyer can have more information and the advantage. The Market for Lemons The used-car market is often used to discuss the implications of asymmetric information. In this market, sellers have greater knowledge about the condition and quality of their cars than buyers. For
6、 example, a seller is likely to know about engine or transmission problems, the maintenance history, and any defective equipment. In other words, the seller is likely to know whether the car is a “lemon” (a car with defects). The buyer, however, is at a disadvantage. Even with a careful visual inspection or a test drive, defects can be missed or hidden. The seller is in the drivers seat (so to speak) in this market. To better understand asymmetric information, consider a buyer look
