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
Good, Bad but Beautiful Good, Bad but Beautiful Good, Bad but Beautiful is a 1975 album by Shirley Bassey. In the first half of the decade, Bassey recorded nine albums, with three making the top ten. In March 1975, Bassey released a compilation that became her highest-charting album to date, "The Shirley Bassey Singles Album" (#2), and reflects the momentum Bassey had maintained since her 1970 "comeback". "Good, Bad but Beautiful", released in the autumn of 1975, spent seven weeks on the UK Albums Chart, peaking at #13, and earned a silver disc. The album reflects the formula that brought Bassey back to the