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분야
docxDoes an informed player have a reason to signal her type to her opponent? Can the informed player do so credibly? Suppose the players are a buyer and a seller. The seller is one of two types: Either a cherry (good quality) or a lemon (bad quality). How are market price and availability affected by buyer uncertainty? Would buyers only be willing to pay for average quality? Would a willingness to pay only for average quality cause owners of higher quality goods to withhold their goods from the market? Will poor quality goods drive high quality goods from the market? Lemon Market Theory contains all these type of questions and answers. Lemon Market Theory is important because it shows how a market with unbalanced information, called information asymmetry, can lead to complete disappearance or to offerings with poor quality where bad products (lemons) wipe out the good ones. The theory has been used more and more in IS research especially since the emerging e-commerce initiatives and the continuous growth of e-markets and auctions. We will first discuss, the definition and explanation of Lemon Market Theory, second, the origin of the theory of LMT, third, the main dependent and independent factors that are being studied in this theory and their relationships, and finally, one empirical article in the information system literature that uses the theory.
Ⅱ. Definition and explanation
Ⅲ. The origin of the theory of LMT
Ⅳ. The main dependent and independent factors that are being studied in this theory and their relationships
Ⅴ. Empirical article in the information system literature that uses the theory
Ⅵ. Conclusion
Citation
- Aboody, D., Lev. B. (2000). Information asymmetry, R&D, and insider gains. Journal of Finance
- Akerlof, G.A. (1970). The Market for 'Lemons': Quality Uncertainty and the Market Mechan-ism. Quarterly Journal of Economics
