The Market for Lemons cars, the dearth of formal credit markets in developing countries, and the difficulties that the elderly encounter in buying health insurance. However, not all players in a given market will follow the same rules or have the same aptitude of assessing quality. So there will always be a distinct advantage for some vendors to offer low-quality goods to the less-informed segment of a market that, on the whole, appears to be of reasonable quality and have reasonable guarantees of certainty. This is part of the basis for the idiom buyer beware. This is likely the basis for the idiom that
Buyer-determined auction determine under what circumstances a buyer would prefer this format have been explored. Buyer-determined auction A Buyer-determined Auction is a type of reverse auctions in a procurement setting, also known simply as procurement auctions. These are auctions where bidders are the sellers, and they bid on a contract to provide supplies to the buyer. A common form of procurement auction is known as a scoring auction. In that auction form, the score that the buyer gives each bidder depends on well-defined attributes of the offer and the bidder. This scoring function is formulated and announced prior to the start of