Information asymmetry is the problem. We might want quality and be willing to pay for it, but still buy the cheap junk because we can't reliably identify quali

Information asymmetry is the problem. We might want quality and be willing to pay for it, but still buy the cheap junk because we can't reliably identify quality in the marketplace. Paying more for a product could get more quality, but it might just be paying more. It's a variation of the cherries and lemons in the used-car market.