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
When Good Pets Go Bad When Good Pets Go Bad When Good Pets Go Bad is an American reality television series of specials about animals behaving in dangerous and often unpredictable ways. It aired on Spike. The title, "When Good Pets Go Bad", is somewhat of a misnomer. While some of these are pets, others are livestock or wild animals. The series contains footage of many types of animals, including horses, dogs, house cats, big cats, moose, deer, cattle, primates and reptiles. Viewers may also question whether the animals are "bad" in a moral sense or are merely acting according to instinct. Animals are shown