The Market for Lemons car. This, in turn, motivates the owners of moderately good cars not to sell, and so on. The result is that a market in which there is asymmetric information with respect to quality shows characteristics similar to those described by Gresham's Law: the bad drives out the good. (Although Gresham's principle applies more specifically to exchange rates, modified analogies can be drawn.) Akerlof considers a situation in which demand "D" for used cars depends on the cars price "p" and quality "µ" = "µ"("p") and the supply depends on price alone. Economic equilibrium is given by "S"("p") = "D"("p","µ") and
The Good, The Bad, and the Indifferent The Good, The Bad, and the Indifferent The Good, the Bad, and the Indifferent is a collection of short stories by American author Joe R. Lansdale, dating from his early career, published in 1997 as a limited edition by Subterranean Press. Many of the stories were never published before and none of which have ever been collected before. This book has sold out both the numbered and lettered editions. The title is a play on Sergio Leone's western film "The Good, the Bad and the Ugly". It is the part of a trilogy-of-sorts of Lansdale anthologies, preceded by "A Fist