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Selection and Reputation Operation Mode of Network Market -- Adverse Selection and Operation Mode of Network Quality …-commerce markets, and suggests trust management solutions to eliminate or decrease the cyber ‘lemons’. Through this book, it helps … readers understand the ideas and effective methods of trust management in the Chinse e-commerce market, while deepening the …
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Based on the previous work published in 1970 by George A. Akerlof along with Michael Spence and Joseph Stiglitz, this research paper investigates the automobile market in Lebanon. The main theory adopted in this paper is the Lemons market theory which explores consumer's behavior under...
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We extend Akerlof (1970)'s 'Market for Lemons' by assuming that some buyers are overconfident. Buyers in our model receive a noisy signal about the quality of the good that is on display for sale. Overconfident buyers do not update according to Bayes' rule but take the noisy signal at face...
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