Akerlo, G.A. (1970) The market for lemons: Quality uncertainty and the market mechanism. Quarterly Journal of Eco-nomics, 84, 488-500.
柠檬现象的普遍性研究Researches on Universality of the Lemon Phenomenon
柠檬现象, 非对称信息学, 随机模拟, 数学模型Lemon Phenomenon, Asymmetric Information, Stochastic Simulation, Mathematic Model
《Advances in Applied Mathematics》, Vol.4 No.2, 2015-05-07
As a common phenomenon in the market economy, the Market for Lemons, also called Akerlof Model, precisely describes the problems of quality and uncertainty. This conception was published by George Akerlof in 1970 and his work laid the foundation for Asymmetric Information. Based on the economic conception and interpretation, this paper discusses the Lemon Phenomenon through a mathematic model which is depended on simple stochastic simulation. With the well-established model and the results of data gained from simulation, it is easy to evaluate the concrete performance that the Market for Lemon shows in the second-hand car market. Finally, by extending to other kinds of areas and analyzing various sorts of Lemon Phenomenon, this paper summarizes different perspectives from previous works on Asymmetric Information and puts forward several ways to deal with the situation.