This problem was most famously studied by Akerlof in The Market For Lemons. The prediction is that such a market will be overrun with low quality lemons. https

This problem was most famously studied by Akerlof in The Market For Lemons. The prediction is that such a market will be overrun with low quality lemons. https://en.wikipedia.org/wiki/The_Market_for_Lemons https://en.wikipedia.org/wiki/The_Market_for_Lemons