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Lemon Theory (The Market for Lemons) is an approach introduced in 1970 by Nobel Prize-winning economist George A. Akerlof to explain market failures caused by quality uncertainty and information asymmetry.Akerlof, G. A. (1970). The Market for “Lemons”: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 84(3), 488–500. ">【1】 The theory highlights how, particularly in the used car market, buyers lack sufficient information about vehicle quality while sellers posse

Lemon Theory (The Market for Lemons) is an approach introduced in 1970 by Nobel Prize-winning economist George A. Akerlof to explain market distortions caused by quality uncertainty and information asymmetry.Akerlof, G. A. (1970). The Market for “Lemons”: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 84(3), 488–500. LINK[likev27ot] The theory highlights how, particularly in the used ">【1】 Conceptual Framework The Lemon Theory focuses on information asymmetr