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30 relations: Adverse selection, Caveat emptor, Confusopoly, Death spiral (insurance), Economic equilibrium, Feedback, George Akerlof, Google Scholar, Gresham's law, Highest quality is lowest cost, Information asymmetry, Informed consumer, Joseph Stiglitz, Journal of Economic Perspectives, Journal of Political Economy, Lemon (automobile), Libertarianism, Magnuson–Moss Warranty Act, Market (economics), Michael Spence, Nobel Memorial Prize in Economic Sciences, Open data, Quarterly Journal of Economics, The American Economic Review, The Review of Economic Studies, Tragedy of the commons, Transaction cost, Transparency (market), Used car, Von Neumann–Morgenstern utility theorem.
Adverse selection
Adverse selection is a term commonly used in economics, insurance, and risk management that describes a situation where market participation is affected by asymmetric information.
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Caveat emptor
Caveat emptor is Latin for "Let the buyer beware" (from caveat, "may he beware", a subjunctive form of cavēre, "to beware" + ēmptor, "buyer").
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Confusopoly
Confusopoly (aka Dilbert's confusopoly) is an economic and marketing term referring to a purposeful act by a seller or group of sellers to confuse the buyer in order to ease the sale.
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Death spiral (insurance)
Death spiral is a condition of the insurance market in which costs rapidly increase as a result of changes in the covered population.
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Economic equilibrium
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
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Feedback
Feedback occurs when outputs of a system are routed back as inputs as part of a chain of cause-and-effect that forms a circuit or loop.
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George Akerlof
George Arthur Akerlof (born June 17, 1940) is an American economist who is a University Professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley.
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Google Scholar
Google Scholar is a freely accessible web search engine that indexes the full text or metadata of scholarly literature across an array of publishing formats and disciplines.
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Gresham's law
In economics, Gresham's law is a monetary principle stating that "bad money drives out good".
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Highest quality is lowest cost
"Highest quality is lowest cost" is a Japanese manufacturing aphorism based on the premise that the highest quality manufacturer will earn a reputation that makes buyers prefer, price being reasonably similar, to buy its goods.
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Information asymmetry
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.
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Informed consumer
The concept of the informed consumer is a fundamental one in the law of the European Union.
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Joseph Stiglitz
Joseph Eugene Stiglitz (born February 9, 1943) is an American economist and a professor at Columbia University.
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Journal of Economic Perspectives
The Journal of Economic Perspectives (JEP) is an economic journal published by the American Economic Association.
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Journal of Political Economy
The Journal of Political Economy is a bimonthly peer-reviewed academic journal published by the University of Chicago Press.
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Lemon (automobile)
In US parlance, a lemon is a vehicle (often new) that turns out to have several manufacturing defects affecting its safety, value or utility.
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Libertarianism
Libertarianism (from libertas, meaning "freedom") is a collection of political philosophies and movements that uphold liberty as a core principle.
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Magnuson–Moss Warranty Act
The Magnuson–Moss Warranty Act (P.L. 93-637) is a United States federal law (et seq.). Enacted in 1975, the federal statute governs warranties on consumer products.
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Market (economics)
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.
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Michael Spence
Andrew Michael Spence (born November 7, 1943, Montclair, New Jersey) is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development.
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Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences (officially Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, or the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel), commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field.
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Open data
Open data is the idea that some data should be freely available to everyone to use and republish as they wish, without restrictions from copyright, patents or other mechanisms of control.
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Quarterly Journal of Economics
The Quarterly Journal of Economics is a peer-reviewed academic journal published by the Oxford University Press.
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The American Economic Review
The American Economic Review is a peer-reviewed academic journal of economics.
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The Review of Economic Studies
The Review of Economic Studies (also known as RESTUD) is a quarterly peer-reviewed academic journal covering economics.
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Tragedy of the commons
The tragedy of the commons is a term used in social science to describe a situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource through their collective action.
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Transaction cost
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.
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Transparency (market)
In economics, a market is transparent if much is known by many about: What products and services or capital assets are available, market depth (quantity available), what price, and where.
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Used car
A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners.
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Von Neumann–Morgenstern utility theorem
In decision theory, the von Neumann-Morgenstern utility theorem shows that, under certain axioms of rational behavior, a decision-maker faced with risky (probabilistic) outcomes of different choices will behave as if he or she is maximizing the expected value of some function defined over the potential outcomes at some specified point in the future.
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Lemon (economics), Lemon market, Lemon problem, Lemon theory, Lemons market, Lemons model, Lemons problem, Market for Lemons, Market for lemons, Market in lemons, The Market for Lemons: Quality Uncertainty and the Market Mechanism.
References
[1] https://en.wikipedia.org/wiki/The_Market_for_Lemons
