Interesting application of a 1970 paper entitled "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism" by George Akerlof. This paper was the f

Interesting application of a 1970 paper entitled "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism" by George Akerlof. This paper was the first to clearly define and study what are now everyday economic concepts: adverse selection and information asymmetry. He was awarded the Nobel Prize in Economics in 2001 for this paper and other contributions to the study of asymmetric information. As the author suggests, there are definitely some start up ideas buried in solving the problem of information asymmetry. The paper, if anyone is interested in skimming through: http://www.econ.yale.edu/~dirkb/teach/pdf/akerlof/themarketforlemons.pdf http://www.econ.yale.edu/~dirkb/teach/pdf/akerlof/themarketf...