Quote by George Akerlof
"When we cannot verify quality, we price everything as if it might be the worst option available."
"When we cannot verify quality, we price everything as if it might be the worst option available."
"The market for lemons is a classic example of how asymmetric information can cause market failure."
"Information is not symmetrically distributed among market participants, which fundamentally changes how markets operate."
"We must understand that people are not always rational actors with perfect information."
"Trust is the foundation of all economic transactions and relationships."