The Market for Lemons - Assignment Example

The Market For Lemons Summary The article d Writing The "The Market For Lemons has been ed by George A. Akerlof and in this article the author shares his experience regarding the publication of a research he had conducted. The author stated that at the time when he was working on his article called The Market for Lemons, the theories of microeconomics at that time only focused on the topics of perfect competition as well as equilibrium and did not focus on various other factors such as asymmetrical information and this motivated him to write his paper.

He further stated that he investigated the market of automobiles due to his specific interest in the concepts of business cycle and unemployment. He was concerned about the causes of increase in the sale of new cars and why people did not prefer purchasing old ones. He identified that asymmetrical information was one the leading factors that motivated an individual to buy new cars and the consumers were even suspicious about the motives due to which owners of old cars were selling their cars.

Furthermore the author states that the concept of Lemons and asymmetrical information has a broad range of applicability and can be applied to different markets. Towards the end of the article the author focuses on the issues he faced while trying to get his article published. He stated that initially he was rejected and reason for rejection was that the publication in which he was trying to get his paper published did not published research articles on issues that were highly trivial. Works CitedAkerlof, George A.

Writing The "The Market For Lemons": A Personal Interpretive Essay. Nobelprize.org. N.p., 2001. Web. 19 Jan. 2015.