id sid tid token lemma pos en-wikipedia-org-7130 1 1 The the DT en-wikipedia-org-7130 1 2 Market market NN en-wikipedia-org-7130 1 3 for for IN en-wikipedia-org-7130 1 4 Lemons Lemons NNP en-wikipedia-org-7130 1 5 - - HYPH en-wikipedia-org-7130 1 6 Wikipedia wikipedia NN en-wikipedia-org-7130 1 7 The the DT en-wikipedia-org-7130 1 8 Market Market NNP en-wikipedia-org-7130 1 9 for for IN en-wikipedia-org-7130 1 10 Lemons lemon NNS en-wikipedia-org-7130 1 11 From from IN en-wikipedia-org-7130 1 12 Wikipedia Wikipedia NNP en-wikipedia-org-7130 1 13 , , , en-wikipedia-org-7130 1 14 the the DT en-wikipedia-org-7130 1 15 free free JJ en-wikipedia-org-7130 1 16 encyclopedia encyclopedia NN en-wikipedia-org-7130 1 17 Jump Jump NNP en-wikipedia-org-7130 1 18 to to IN en-wikipedia-org-7130 1 19 navigation navigation NN en-wikipedia-org-7130 1 20 Jump Jump NNP en-wikipedia-org-7130 1 21 to to TO en-wikipedia-org-7130 1 22 search search VB en-wikipedia-org-7130 1 23 Akerlof Akerlof NNP en-wikipedia-org-7130 1 24 's 's POS en-wikipedia-org-7130 1 25 paper paper NN en-wikipedia-org-7130 1 26 uses use VBZ en-wikipedia-org-7130 1 27 the the DT en-wikipedia-org-7130 1 28 market market NN en-wikipedia-org-7130 1 29 for for IN en-wikipedia-org-7130 1 30 used used JJ en-wikipedia-org-7130 1 31 cars car NNS en-wikipedia-org-7130 1 32 as as IN en-wikipedia-org-7130 1 33 an an DT en-wikipedia-org-7130 1 34 example example NN en-wikipedia-org-7130 1 35 of of IN en-wikipedia-org-7130 1 36 the the DT en-wikipedia-org-7130 1 37 problem problem NN en-wikipedia-org-7130 1 38 of of IN en-wikipedia-org-7130 1 39 quality quality NN en-wikipedia-org-7130 1 40 uncertainty uncertainty NN en-wikipedia-org-7130 1 41 . . . en-wikipedia-org-7130 2 1 It -PRON- PRP en-wikipedia-org-7130 2 2 concludes conclude VBZ en-wikipedia-org-7130 2 3 that that IN en-wikipedia-org-7130 2 4 owners owner NNS en-wikipedia-org-7130 2 5 of of IN en-wikipedia-org-7130 2 6 high high JJ en-wikipedia-org-7130 2 7 - - HYPH en-wikipedia-org-7130 2 8 quality quality NN en-wikipedia-org-7130 2 9 used use VBN en-wikipedia-org-7130 2 10 cars car NNS en-wikipedia-org-7130 2 11 will will MD en-wikipedia-org-7130 2 12 not not RB en-wikipedia-org-7130 2 13 place place VB en-wikipedia-org-7130 2 14 their -PRON- PRP$ en-wikipedia-org-7130 2 15 cars car NNS en-wikipedia-org-7130 2 16 on on IN en-wikipedia-org-7130 2 17 the the DT en-wikipedia-org-7130 2 18 used use VBN en-wikipedia-org-7130 2 19 car car NN en-wikipedia-org-7130 2 20 market market NN en-wikipedia-org-7130 2 21 . . . en-wikipedia-org-7130 3 1 A a DT en-wikipedia-org-7130 3 2 car car NN en-wikipedia-org-7130 3 3 buyer buyer NN en-wikipedia-org-7130 3 4 should should MD en-wikipedia-org-7130 3 5 only only RB en-wikipedia-org-7130 3 6 be be VB en-wikipedia-org-7130 3 7 able able JJ en-wikipedia-org-7130 3 8 to to TO en-wikipedia-org-7130 3 9 buy buy VB en-wikipedia-org-7130 3 10 low low JJ en-wikipedia-org-7130 3 11 - - HYPH en-wikipedia-org-7130 3 12 quality quality NN en-wikipedia-org-7130 3 13 used use VBN en-wikipedia-org-7130 3 14 cars car NNS en-wikipedia-org-7130 3 15 , , , en-wikipedia-org-7130 3 16 and and CC en-wikipedia-org-7130 3 17 will will MD en-wikipedia-org-7130 3 18 pay pay VB en-wikipedia-org-7130 3 19 accordingly accordingly RB en-wikipedia-org-7130 3 20 . . . en-wikipedia-org-7130 4 1 The the DT en-wikipedia-org-7130 4 2 market market NN en-wikipedia-org-7130 4 3 for for IN en-wikipedia-org-7130 4 4 good good JJ en-wikipedia-org-7130 4 5 used used JJ en-wikipedia-org-7130 4 6 cars car NNS en-wikipedia-org-7130 4 7 does do VBZ en-wikipedia-org-7130 4 8 not not RB en-wikipedia-org-7130 4 9 exist exist VB en-wikipedia-org-7130 4 10 . . . en-wikipedia-org-7130 5 1 " " `` en-wikipedia-org-7130 5 2 The the DT en-wikipedia-org-7130 5 3 Market market NN en-wikipedia-org-7130 5 4 for for IN en-wikipedia-org-7130 5 5 Lemons lemon NNS en-wikipedia-org-7130 5 6 : : : en-wikipedia-org-7130 5 7 Quality Quality NNP en-wikipedia-org-7130 5 8 Uncertainty Uncertainty NNP en-wikipedia-org-7130 5 9 and and CC en-wikipedia-org-7130 5 10 the the DT en-wikipedia-org-7130 5 11 Market Market NNP en-wikipedia-org-7130 5 12 Mechanism Mechanism NNP en-wikipedia-org-7130 5 13 " " '' en-wikipedia-org-7130 5 14 is be VBZ en-wikipedia-org-7130 5 15 a a DT en-wikipedia-org-7130 5 16 well well RB en-wikipedia-org-7130 5 17 - - HYPH en-wikipedia-org-7130 5 18 known[1][2 known[1][2 NN en-wikipedia-org-7130 5 19 ] ] -RRB- en-wikipedia-org-7130 5 20 1970 1970 CD en-wikipedia-org-7130 5 21 paper paper NN en-wikipedia-org-7130 5 22 by by IN en-wikipedia-org-7130 5 23 economist economist NN en-wikipedia-org-7130 5 24 George George NNP en-wikipedia-org-7130 5 25 Akerlof Akerlof NNP en-wikipedia-org-7130 5 26 which which WDT en-wikipedia-org-7130 5 27 examines examine VBZ en-wikipedia-org-7130 5 28 how how WRB en-wikipedia-org-7130 5 29 the the DT en-wikipedia-org-7130 5 30 quality quality NN en-wikipedia-org-7130 5 31 of of IN en-wikipedia-org-7130 5 32 goods good NNS en-wikipedia-org-7130 5 33 traded trade VBN en-wikipedia-org-7130 5 34 in in IN en-wikipedia-org-7130 5 35 a a DT en-wikipedia-org-7130 5 36 market market NN en-wikipedia-org-7130 5 37 can can MD en-wikipedia-org-7130 5 38 degrade degrade VB en-wikipedia-org-7130 5 39 in in IN en-wikipedia-org-7130 5 40 the the DT en-wikipedia-org-7130 5 41 presence presence NN en-wikipedia-org-7130 5 42 of of IN en-wikipedia-org-7130 5 43 information information NN en-wikipedia-org-7130 5 44 asymmetry asymmetry NN en-wikipedia-org-7130 5 45 between between IN en-wikipedia-org-7130 5 46 buyers buyer NNS en-wikipedia-org-7130 5 47 and and CC en-wikipedia-org-7130 5 48 sellers seller NNS en-wikipedia-org-7130 5 49 , , , en-wikipedia-org-7130 5 50 leaving leave VBG en-wikipedia-org-7130 5 51 only only RB en-wikipedia-org-7130 5 52 " " `` en-wikipedia-org-7130 5 53 lemons lemon NNS en-wikipedia-org-7130 5 54 " " '' en-wikipedia-org-7130 5 55 behind behind RB en-wikipedia-org-7130 5 56 . . . en-wikipedia-org-7130 6 1 In in IN en-wikipedia-org-7130 6 2 American American NNP en-wikipedia-org-7130 6 3 slang slang NN en-wikipedia-org-7130 6 4 , , , en-wikipedia-org-7130 6 5 a a DT en-wikipedia-org-7130 6 6 lemon lemon NN en-wikipedia-org-7130 6 7 is be VBZ en-wikipedia-org-7130 6 8 a a DT en-wikipedia-org-7130 6 9 car car NN en-wikipedia-org-7130 6 10 that that WDT en-wikipedia-org-7130 6 11 is be VBZ en-wikipedia-org-7130 6 12 found find VBN en-wikipedia-org-7130 6 13 to to TO en-wikipedia-org-7130 6 14 be be VB en-wikipedia-org-7130 6 15 defective defective JJ en-wikipedia-org-7130 6 16 after after IN en-wikipedia-org-7130 6 17 it -PRON- PRP en-wikipedia-org-7130 6 18 has have VBZ en-wikipedia-org-7130 6 19 been be VBN en-wikipedia-org-7130 6 20 bought buy VBN en-wikipedia-org-7130 6 21 . . . en-wikipedia-org-7130 7 1 Suppose suppose VB en-wikipedia-org-7130 7 2 buyers buyer NNS en-wikipedia-org-7130 7 3 can can MD en-wikipedia-org-7130 7 4 not not RB en-wikipedia-org-7130 7 5 distinguish distinguish VB en-wikipedia-org-7130 7 6 between between IN en-wikipedia-org-7130 7 7 a a DT en-wikipedia-org-7130 7 8 high high JJ en-wikipedia-org-7130 7 9 - - HYPH en-wikipedia-org-7130 7 10 quality quality NN en-wikipedia-org-7130 7 11 car car NN en-wikipedia-org-7130 7 12 ( ( -LRB- en-wikipedia-org-7130 7 13 a a DT en-wikipedia-org-7130 7 14 " " `` en-wikipedia-org-7130 7 15 peach peach NN en-wikipedia-org-7130 7 16 " " '' en-wikipedia-org-7130 7 17 ) ) -RRB- en-wikipedia-org-7130 7 18 and and CC en-wikipedia-org-7130 7 19 a a DT en-wikipedia-org-7130 7 20 " " `` en-wikipedia-org-7130 7 21 lemon lemon NN en-wikipedia-org-7130 7 22 " " '' en-wikipedia-org-7130 7 23 . . . en-wikipedia-org-7130 8 1 Then then RB en-wikipedia-org-7130 8 2 they -PRON- PRP en-wikipedia-org-7130 8 3 are be VBP en-wikipedia-org-7130 8 4 only only RB en-wikipedia-org-7130 8 5 willing willing JJ en-wikipedia-org-7130 8 6 to to TO en-wikipedia-org-7130 8 7 pay pay VB en-wikipedia-org-7130 8 8 a a DT en-wikipedia-org-7130 8 9 fixed fix VBN en-wikipedia-org-7130 8 10 price price NN en-wikipedia-org-7130 8 11 for for IN en-wikipedia-org-7130 8 12 a a DT en-wikipedia-org-7130 8 13 car car NN en-wikipedia-org-7130 8 14 that that WDT en-wikipedia-org-7130 8 15 averages average VBZ en-wikipedia-org-7130 8 16 the the DT en-wikipedia-org-7130 8 17 value value NN en-wikipedia-org-7130 8 18 of of IN en-wikipedia-org-7130 8 19 a a DT en-wikipedia-org-7130 8 20 " " `` en-wikipedia-org-7130 8 21 peach peach NN en-wikipedia-org-7130 8 22 " " '' en-wikipedia-org-7130 8 23 and and CC en-wikipedia-org-7130 8 24 " " `` en-wikipedia-org-7130 8 25 lemon lemon NN en-wikipedia-org-7130 8 26 " " '' en-wikipedia-org-7130 8 27 together together RB en-wikipedia-org-7130 8 28 ( ( -LRB- en-wikipedia-org-7130 8 29 pavg pavg NN en-wikipedia-org-7130 8 30 ) ) -RRB- en-wikipedia-org-7130 8 31 . . . en-wikipedia-org-7130 9 1 But but CC en-wikipedia-org-7130 9 2 sellers seller NNS en-wikipedia-org-7130 9 3 know know VBP en-wikipedia-org-7130 9 4 whether whether IN en-wikipedia-org-7130 9 5 they -PRON- PRP en-wikipedia-org-7130 9 6 hold hold VBP en-wikipedia-org-7130 9 7 a a DT en-wikipedia-org-7130 9 8 peach peach NN en-wikipedia-org-7130 9 9 or or CC en-wikipedia-org-7130 9 10 a a DT en-wikipedia-org-7130 9 11 lemon lemon NN en-wikipedia-org-7130 9 12 . . . en-wikipedia-org-7130 10 1 Given give VBN en-wikipedia-org-7130 10 2 the the DT en-wikipedia-org-7130 10 3 fixed fix VBN en-wikipedia-org-7130 10 4 price price NN en-wikipedia-org-7130 10 5 at at IN en-wikipedia-org-7130 10 6 which which WDT en-wikipedia-org-7130 10 7 buyers buyer NNS en-wikipedia-org-7130 10 8 will will MD en-wikipedia-org-7130 10 9 buy buy VB en-wikipedia-org-7130 10 10 , , , en-wikipedia-org-7130 10 11 sellers seller NNS en-wikipedia-org-7130 10 12 will will MD en-wikipedia-org-7130 10 13 sell sell VB en-wikipedia-org-7130 10 14 only only RB en-wikipedia-org-7130 10 15 when when WRB en-wikipedia-org-7130 10 16 they -PRON- PRP en-wikipedia-org-7130 10 17 hold hold VBP en-wikipedia-org-7130 10 18 " " `` en-wikipedia-org-7130 10 19 lemons lemon NNS en-wikipedia-org-7130 10 20 " " '' en-wikipedia-org-7130 10 21 ( ( -LRB- en-wikipedia-org-7130 10 22 since since IN en-wikipedia-org-7130 10 23 plemon plemon NN en-wikipedia-org-7130 10 24   _SP en-wikipedia-org-7130 10 25 < < XX en-wikipedia-org-7130 10 26   _SP en-wikipedia-org-7130 10 27 pavg pavg NN en-wikipedia-org-7130 10 28 ) ) -RRB- en-wikipedia-org-7130 10 29 and and CC en-wikipedia-org-7130 10 30 they -PRON- PRP en-wikipedia-org-7130 10 31 will will MD en-wikipedia-org-7130 10 32 leave leave VB en-wikipedia-org-7130 10 33 the the DT en-wikipedia-org-7130 10 34 market market NN en-wikipedia-org-7130 10 35 when when WRB en-wikipedia-org-7130 10 36 they -PRON- PRP en-wikipedia-org-7130 10 37 hold hold VBP en-wikipedia-org-7130 10 38 " " `` en-wikipedia-org-7130 10 39 peaches peach NNS en-wikipedia-org-7130 10 40 " " '' en-wikipedia-org-7130 10 41 ( ( -LRB- en-wikipedia-org-7130 10 42 since since IN en-wikipedia-org-7130 10 43 ppeach ppeach JJ en-wikipedia-org-7130 10 44 > > XX en-wikipedia-org-7130 10 45 pavg pavg NN en-wikipedia-org-7130 10 46 ) ) -RRB- en-wikipedia-org-7130 10 47 . . . en-wikipedia-org-7130 11 1 Eventually eventually RB en-wikipedia-org-7130 11 2 , , , en-wikipedia-org-7130 11 3 as as IN en-wikipedia-org-7130 11 4 enough enough JJ en-wikipedia-org-7130 11 5 sellers seller NNS en-wikipedia-org-7130 11 6 of of IN en-wikipedia-org-7130 11 7 " " `` en-wikipedia-org-7130 11 8 peaches peach NNS en-wikipedia-org-7130 11 9 " " '' en-wikipedia-org-7130 11 10 leave leave VBP en-wikipedia-org-7130 11 11 the the DT en-wikipedia-org-7130 11 12 market market NN en-wikipedia-org-7130 11 13 , , , en-wikipedia-org-7130 11 14 the the DT en-wikipedia-org-7130 11 15 average average JJ en-wikipedia-org-7130 11 16 willingness willingness NN en-wikipedia-org-7130 11 17 - - HYPH en-wikipedia-org-7130 11 18 to to IN en-wikipedia-org-7130 11 19 - - HYPH en-wikipedia-org-7130 11 20 pay pay NN en-wikipedia-org-7130 11 21 of of IN en-wikipedia-org-7130 11 22 buyers buyer NNS en-wikipedia-org-7130 11 23 will will MD en-wikipedia-org-7130 11 24 decrease decrease VB en-wikipedia-org-7130 11 25 ( ( -LRB- en-wikipedia-org-7130 11 26 since since IN en-wikipedia-org-7130 11 27 the the DT en-wikipedia-org-7130 11 28 average average JJ en-wikipedia-org-7130 11 29 quality quality NN en-wikipedia-org-7130 11 30 of of IN en-wikipedia-org-7130 11 31 cars car NNS en-wikipedia-org-7130 11 32 on on IN en-wikipedia-org-7130 11 33 the the DT en-wikipedia-org-7130 11 34 market market NN en-wikipedia-org-7130 11 35 decreased decrease VBD en-wikipedia-org-7130 11 36 ) ) -RRB- en-wikipedia-org-7130 11 37 , , , en-wikipedia-org-7130 11 38 leading lead VBG en-wikipedia-org-7130 11 39 to to IN en-wikipedia-org-7130 11 40 even even RB en-wikipedia-org-7130 11 41 more more JJR en-wikipedia-org-7130 11 42 sellers seller NNS en-wikipedia-org-7130 11 43 of of IN en-wikipedia-org-7130 11 44 high high JJ en-wikipedia-org-7130 11 45 - - HYPH en-wikipedia-org-7130 11 46 quality quality NN en-wikipedia-org-7130 11 47 cars car NNS en-wikipedia-org-7130 11 48 to to TO en-wikipedia-org-7130 11 49 leave leave VB en-wikipedia-org-7130 11 50 the the DT en-wikipedia-org-7130 11 51 market market NN en-wikipedia-org-7130 11 52 through through IN en-wikipedia-org-7130 11 53 a a DT en-wikipedia-org-7130 11 54 positive positive JJ en-wikipedia-org-7130 11 55 feedback feedback NN en-wikipedia-org-7130 11 56 loop loop NN en-wikipedia-org-7130 11 57 . . . en-wikipedia-org-7130 12 1 Thus thus RB en-wikipedia-org-7130 12 2 the the DT en-wikipedia-org-7130 12 3 uninformed uninformed JJ en-wikipedia-org-7130 12 4 buyer buyer NN en-wikipedia-org-7130 12 5 's 's POS en-wikipedia-org-7130 12 6 price price NN en-wikipedia-org-7130 12 7 creates create VBZ en-wikipedia-org-7130 12 8 an an DT en-wikipedia-org-7130 12 9 adverse adverse JJ en-wikipedia-org-7130 12 10 selection selection NN en-wikipedia-org-7130 12 11 problem problem NN en-wikipedia-org-7130 12 12 that that WDT en-wikipedia-org-7130 12 13 drives drive VBZ en-wikipedia-org-7130 12 14 the the DT en-wikipedia-org-7130 12 15 high high JJ en-wikipedia-org-7130 12 16 - - HYPH en-wikipedia-org-7130 12 17 quality quality NN en-wikipedia-org-7130 12 18 cars car NNS en-wikipedia-org-7130 12 19 from from IN en-wikipedia-org-7130 12 20 the the DT en-wikipedia-org-7130 12 21 market market NN en-wikipedia-org-7130 12 22 . . . en-wikipedia-org-7130 13 1 Adverse adverse JJ en-wikipedia-org-7130 13 2 selection selection NN en-wikipedia-org-7130 13 3 is be VBZ en-wikipedia-org-7130 13 4 a a DT en-wikipedia-org-7130 13 5 market market NN en-wikipedia-org-7130 13 6 mechanism mechanism NN en-wikipedia-org-7130 13 7 that that WDT en-wikipedia-org-7130 13 8 can can MD en-wikipedia-org-7130 13 9 lead lead VB en-wikipedia-org-7130 13 10 to to IN en-wikipedia-org-7130 13 11 a a DT en-wikipedia-org-7130 13 12 market market NN en-wikipedia-org-7130 13 13 collapse collapse NN en-wikipedia-org-7130 13 14 . . . en-wikipedia-org-7130 14 1 Akerlof Akerlof NNP en-wikipedia-org-7130 14 2 's 's POS en-wikipedia-org-7130 14 3 paper paper NN en-wikipedia-org-7130 14 4 shows show VBZ en-wikipedia-org-7130 14 5 how how WRB en-wikipedia-org-7130 14 6 prices price NNS en-wikipedia-org-7130 14 7 can can MD en-wikipedia-org-7130 14 8 determine determine VB en-wikipedia-org-7130 14 9 the the DT en-wikipedia-org-7130 14 10 quality quality NN en-wikipedia-org-7130 14 11 of of IN en-wikipedia-org-7130 14 12 goods good NNS en-wikipedia-org-7130 14 13 traded trade VBN en-wikipedia-org-7130 14 14 on on IN en-wikipedia-org-7130 14 15 the the DT en-wikipedia-org-7130 14 16 market market NN en-wikipedia-org-7130 14 17 . . . en-wikipedia-org-7130 15 1 Low low JJ en-wikipedia-org-7130 15 2 prices price NNS en-wikipedia-org-7130 15 3 drive drive VBP en-wikipedia-org-7130 15 4 away away RB en-wikipedia-org-7130 15 5 sellers seller NNS en-wikipedia-org-7130 15 6 of of IN en-wikipedia-org-7130 15 7 high high JJ en-wikipedia-org-7130 15 8 - - HYPH en-wikipedia-org-7130 15 9 quality quality NN en-wikipedia-org-7130 15 10 goods good NNS en-wikipedia-org-7130 15 11 , , , en-wikipedia-org-7130 15 12 leaving leave VBG en-wikipedia-org-7130 15 13 only only RB en-wikipedia-org-7130 15 14 lemons lemon NNS en-wikipedia-org-7130 15 15 behind behind RB en-wikipedia-org-7130 15 16 . . . en-wikipedia-org-7130 16 1 In in IN en-wikipedia-org-7130 16 2 2001 2001 CD en-wikipedia-org-7130 16 3 , , , en-wikipedia-org-7130 16 4 Akerlof Akerlof NNP en-wikipedia-org-7130 16 5 , , , en-wikipedia-org-7130 16 6 along along IN en-wikipedia-org-7130 16 7 with with IN en-wikipedia-org-7130 16 8 Michael Michael NNP en-wikipedia-org-7130 16 9 Spence Spence NNP en-wikipedia-org-7130 16 10 , , , en-wikipedia-org-7130 16 11 and and CC en-wikipedia-org-7130 16 12 Joseph Joseph NNP en-wikipedia-org-7130 16 13 Stiglitz Stiglitz NNP en-wikipedia-org-7130 16 14 , , , en-wikipedia-org-7130 16 15 jointly jointly RB en-wikipedia-org-7130 16 16 received receive VBD en-wikipedia-org-7130 16 17 the the DT en-wikipedia-org-7130 16 18 Nobel Nobel NNP en-wikipedia-org-7130 16 19 Memorial Memorial NNP en-wikipedia-org-7130 16 20 Prize Prize NNP en-wikipedia-org-7130 16 21 in in IN en-wikipedia-org-7130 16 22 Economic Economic NNP en-wikipedia-org-7130 16 23 Sciences Sciences NNPS en-wikipedia-org-7130 16 24 , , , en-wikipedia-org-7130 16 25 for for IN en-wikipedia-org-7130 16 26 their -PRON- PRP$ en-wikipedia-org-7130 16 27 research research NN en-wikipedia-org-7130 16 28 on on IN en-wikipedia-org-7130 16 29 issues issue NNS en-wikipedia-org-7130 16 30 related relate VBN en-wikipedia-org-7130 16 31 to to IN en-wikipedia-org-7130 16 32 asymmetric asymmetric JJ en-wikipedia-org-7130 16 33 information information NN en-wikipedia-org-7130 16 34 . . . en-wikipedia-org-7130 17 1 Contents content NNS en-wikipedia-org-7130 17 2 1 1 CD en-wikipedia-org-7130 17 3 The the DT en-wikipedia-org-7130 17 4 paper paper NN en-wikipedia-org-7130 17 5 1.1 1.1 CD en-wikipedia-org-7130 17 6 Thesis Thesis NNP en-wikipedia-org-7130 17 7 1.2 1.2 CD en-wikipedia-org-7130 17 8 Statistical statistical JJ en-wikipedia-org-7130 17 9 abstract abstract NN en-wikipedia-org-7130 17 10 of of IN en-wikipedia-org-7130 17 11 the the DT en-wikipedia-org-7130 17 12 problem problem NN en-wikipedia-org-7130 17 13 1.3 1.3 CD en-wikipedia-org-7130 17 14 Asymmetric Asymmetric NNP en-wikipedia-org-7130 17 15 information information NN en-wikipedia-org-7130 17 16 1.4 1.4 CD en-wikipedia-org-7130 17 17 Impact impact NN en-wikipedia-org-7130 17 18 on on IN en-wikipedia-org-7130 17 19 markets market NNS en-wikipedia-org-7130 17 20 2 2 CD en-wikipedia-org-7130 17 21 Critical critical JJ en-wikipedia-org-7130 17 22 reception reception NN en-wikipedia-org-7130 17 23 2.1 2.1 CD en-wikipedia-org-7130 17 24 Criticism criticism NN en-wikipedia-org-7130 17 25 3 3 CD en-wikipedia-org-7130 17 26 Conditions Conditions NNPS en-wikipedia-org-7130 17 27 for for IN en-wikipedia-org-7130 17 28 a a DT en-wikipedia-org-7130 17 29 lemon lemon NN en-wikipedia-org-7130 17 30 market market NN en-wikipedia-org-7130 17 31 3.1 3.1 CD en-wikipedia-org-7130 17 32 A a DT en-wikipedia-org-7130 17 33 more more RBR en-wikipedia-org-7130 17 34 general general JJ en-wikipedia-org-7130 17 35 mathematical mathematical JJ en-wikipedia-org-7130 17 36 model model NN en-wikipedia-org-7130 17 37 of of IN en-wikipedia-org-7130 17 38 market market NN en-wikipedia-org-7130 17 39 collapse collapse NN en-wikipedia-org-7130 17 40 4 4 CD en-wikipedia-org-7130 17 41 Laws Laws NNPS en-wikipedia-org-7130 17 42 in in IN en-wikipedia-org-7130 17 43 the the DT en-wikipedia-org-7130 17 44 United United NNP en-wikipedia-org-7130 17 45 States States NNP en-wikipedia-org-7130 17 46 5 5 CD en-wikipedia-org-7130 17 47 See see VB en-wikipedia-org-7130 17 48 also also RB en-wikipedia-org-7130 17 49 6 6 CD en-wikipedia-org-7130 17 50 References reference NNS en-wikipedia-org-7130 17 51 The the DT en-wikipedia-org-7130 17 52 paper[edit paper[edit , en-wikipedia-org-7130 17 53 ] ] -RRB- en-wikipedia-org-7130 17 54 Thesis[edit thesis[edit CD en-wikipedia-org-7130 17 55 ] ] -RRB- en-wikipedia-org-7130 17 56 Ernie Ernie NNP en-wikipedia-org-7130 17 57 Kovacs Kovacs NNP en-wikipedia-org-7130 17 58 in in IN en-wikipedia-org-7130 17 59 a a DT en-wikipedia-org-7130 17 60 comedic comedic JJ en-wikipedia-org-7130 17 61 used use VBN en-wikipedia-org-7130 17 62 car car NN en-wikipedia-org-7130 17 63 skit skit NN en-wikipedia-org-7130 17 64 Akerlof Akerlof NNP en-wikipedia-org-7130 17 65 's 's POS en-wikipedia-org-7130 17 66 paper paper NN en-wikipedia-org-7130 17 67 uses use VBZ en-wikipedia-org-7130 17 68 the the DT en-wikipedia-org-7130 17 69 market market NN en-wikipedia-org-7130 17 70 for for IN en-wikipedia-org-7130 17 71 used used JJ en-wikipedia-org-7130 17 72 cars car NNS en-wikipedia-org-7130 17 73 as as IN en-wikipedia-org-7130 17 74 an an DT en-wikipedia-org-7130 17 75 example example NN en-wikipedia-org-7130 17 76 of of IN en-wikipedia-org-7130 17 77 the the DT en-wikipedia-org-7130 17 78 problem problem NN en-wikipedia-org-7130 17 79 of of IN en-wikipedia-org-7130 17 80 quality quality NN en-wikipedia-org-7130 17 81 uncertainty uncertainty NN en-wikipedia-org-7130 17 82 . . . en-wikipedia-org-7130 18 1 A a DT en-wikipedia-org-7130 18 2 used used JJ en-wikipedia-org-7130 18 3 car car NN en-wikipedia-org-7130 18 4 is be VBZ en-wikipedia-org-7130 18 5 one one CD en-wikipedia-org-7130 18 6 in in IN en-wikipedia-org-7130 18 7 which which WDT en-wikipedia-org-7130 18 8 ownership ownership NN en-wikipedia-org-7130 18 9 is be VBZ en-wikipedia-org-7130 18 10 transferred transfer VBN en-wikipedia-org-7130 18 11 from from IN en-wikipedia-org-7130 18 12 one one CD en-wikipedia-org-7130 18 13 person person NN en-wikipedia-org-7130 18 14 to to IN en-wikipedia-org-7130 18 15 another another DT en-wikipedia-org-7130 18 16 , , , en-wikipedia-org-7130 18 17 after after IN en-wikipedia-org-7130 18 18 a a DT en-wikipedia-org-7130 18 19 period period NN en-wikipedia-org-7130 18 20 of of IN en-wikipedia-org-7130 18 21 use use NN en-wikipedia-org-7130 18 22 by by IN en-wikipedia-org-7130 18 23 its -PRON- PRP$ en-wikipedia-org-7130 18 24 first first JJ en-wikipedia-org-7130 18 25 owner owner NN en-wikipedia-org-7130 18 26 and and CC en-wikipedia-org-7130 18 27 its -PRON- PRP$ en-wikipedia-org-7130 18 28 inevitable inevitable JJ en-wikipedia-org-7130 18 29 wear wear NN en-wikipedia-org-7130 18 30 and and CC en-wikipedia-org-7130 18 31 tear tear NN en-wikipedia-org-7130 18 32 . . . en-wikipedia-org-7130 19 1 There there EX en-wikipedia-org-7130 19 2 are be VBP en-wikipedia-org-7130 19 3 good good JJ en-wikipedia-org-7130 19 4 used used JJ en-wikipedia-org-7130 19 5 cars car NNS en-wikipedia-org-7130 19 6 ( ( -LRB- en-wikipedia-org-7130 19 7 " " `` en-wikipedia-org-7130 19 8 peaches peach NNS en-wikipedia-org-7130 19 9 " " '' en-wikipedia-org-7130 19 10 ) ) -RRB- en-wikipedia-org-7130 19 11 and and CC en-wikipedia-org-7130 19 12 defective defective JJ en-wikipedia-org-7130 19 13 used used JJ en-wikipedia-org-7130 19 14 cars car NNS en-wikipedia-org-7130 19 15 ( ( -LRB- en-wikipedia-org-7130 19 16 " " `` en-wikipedia-org-7130 19 17 lemons lemon NNS en-wikipedia-org-7130 19 18 " " '' en-wikipedia-org-7130 19 19 ) ) -RRB- en-wikipedia-org-7130 19 20 , , , en-wikipedia-org-7130 19 21 normally normally RB en-wikipedia-org-7130 19 22 as as IN en-wikipedia-org-7130 19 23 a a DT en-wikipedia-org-7130 19 24 consequence consequence NN en-wikipedia-org-7130 19 25 of of IN en-wikipedia-org-7130 19 26 several several JJ en-wikipedia-org-7130 19 27 not not RB en-wikipedia-org-7130 19 28 - - HYPH en-wikipedia-org-7130 19 29 always always RB en-wikipedia-org-7130 19 30 - - HYPH en-wikipedia-org-7130 19 31 traceable traceable JJ en-wikipedia-org-7130 19 32 variables variable NNS en-wikipedia-org-7130 19 33 , , , en-wikipedia-org-7130 19 34 such such JJ en-wikipedia-org-7130 19 35 as as IN en-wikipedia-org-7130 19 36 the the DT en-wikipedia-org-7130 19 37 owner owner NN en-wikipedia-org-7130 19 38 's 's POS en-wikipedia-org-7130 19 39 driving driving NN en-wikipedia-org-7130 19 40 style style NN en-wikipedia-org-7130 19 41 , , , en-wikipedia-org-7130 19 42 quality quality NN en-wikipedia-org-7130 19 43 and and CC en-wikipedia-org-7130 19 44 frequency frequency NN en-wikipedia-org-7130 19 45 of of IN en-wikipedia-org-7130 19 46 maintenance maintenance NN en-wikipedia-org-7130 19 47 , , , en-wikipedia-org-7130 19 48 and and CC en-wikipedia-org-7130 19 49 accident accident NN en-wikipedia-org-7130 19 50 history history NN en-wikipedia-org-7130 19 51 . . . en-wikipedia-org-7130 20 1 Because because IN en-wikipedia-org-7130 20 2 many many JJ en-wikipedia-org-7130 20 3 important important JJ en-wikipedia-org-7130 20 4 mechanical mechanical JJ en-wikipedia-org-7130 20 5 parts part NNS en-wikipedia-org-7130 20 6 and and CC en-wikipedia-org-7130 20 7 other other JJ en-wikipedia-org-7130 20 8 elements element NNS en-wikipedia-org-7130 20 9 are be VBP en-wikipedia-org-7130 20 10 hidden hide VBN en-wikipedia-org-7130 20 11 from from IN en-wikipedia-org-7130 20 12 view view NN en-wikipedia-org-7130 20 13 and and CC en-wikipedia-org-7130 20 14 not not RB en-wikipedia-org-7130 20 15 easily easily RB en-wikipedia-org-7130 20 16 accessible accessible JJ en-wikipedia-org-7130 20 17 for for IN en-wikipedia-org-7130 20 18 inspection inspection NN en-wikipedia-org-7130 20 19 , , , en-wikipedia-org-7130 20 20 the the DT en-wikipedia-org-7130 20 21 buyer buyer NN en-wikipedia-org-7130 20 22 of of IN en-wikipedia-org-7130 20 23 a a DT en-wikipedia-org-7130 20 24 car car NN en-wikipedia-org-7130 20 25 does do VBZ en-wikipedia-org-7130 20 26 not not RB en-wikipedia-org-7130 20 27 know know VB en-wikipedia-org-7130 20 28 beforehand beforehand RB en-wikipedia-org-7130 20 29 whether whether IN en-wikipedia-org-7130 20 30 it -PRON- PRP en-wikipedia-org-7130 20 31 is be VBZ en-wikipedia-org-7130 20 32 a a DT en-wikipedia-org-7130 20 33 peach peach NN en-wikipedia-org-7130 20 34 or or CC en-wikipedia-org-7130 20 35 a a DT en-wikipedia-org-7130 20 36 lemon lemon NN en-wikipedia-org-7130 20 37 . . . en-wikipedia-org-7130 21 1 So so RB en-wikipedia-org-7130 21 2 the the DT en-wikipedia-org-7130 21 3 buyer buyer NN en-wikipedia-org-7130 21 4 's 's POS en-wikipedia-org-7130 21 5 best good JJS en-wikipedia-org-7130 21 6 guess guess NN en-wikipedia-org-7130 21 7 for for IN en-wikipedia-org-7130 21 8 a a DT en-wikipedia-org-7130 21 9 given give VBN en-wikipedia-org-7130 21 10 car car NN en-wikipedia-org-7130 21 11 is be VBZ en-wikipedia-org-7130 21 12 that that IN en-wikipedia-org-7130 21 13 the the DT en-wikipedia-org-7130 21 14 car car NN en-wikipedia-org-7130 21 15 is be VBZ en-wikipedia-org-7130 21 16 of of IN en-wikipedia-org-7130 21 17 average average JJ en-wikipedia-org-7130 21 18 quality quality NN en-wikipedia-org-7130 21 19 ; ; : en-wikipedia-org-7130 21 20 accordingly accordingly RB en-wikipedia-org-7130 21 21 , , , en-wikipedia-org-7130 21 22 the the DT en-wikipedia-org-7130 21 23 buyer buyer NN en-wikipedia-org-7130 21 24 will will MD en-wikipedia-org-7130 21 25 be be VB en-wikipedia-org-7130 21 26 willing willing JJ en-wikipedia-org-7130 21 27 to to TO en-wikipedia-org-7130 21 28 pay pay VB en-wikipedia-org-7130 21 29 the the DT en-wikipedia-org-7130 21 30 price price NN en-wikipedia-org-7130 21 31 of of IN en-wikipedia-org-7130 21 32 a a DT en-wikipedia-org-7130 21 33 car car NN en-wikipedia-org-7130 21 34 of of IN en-wikipedia-org-7130 21 35 known know VBN en-wikipedia-org-7130 21 36 average average JJ en-wikipedia-org-7130 21 37 quality quality NN en-wikipedia-org-7130 21 38 . . . en-wikipedia-org-7130 22 1 This this DT en-wikipedia-org-7130 22 2 means mean VBZ en-wikipedia-org-7130 22 3 that that IN en-wikipedia-org-7130 22 4 the the DT en-wikipedia-org-7130 22 5 owner owner NN en-wikipedia-org-7130 22 6 of of IN en-wikipedia-org-7130 22 7 a a DT en-wikipedia-org-7130 22 8 carefully carefully RB en-wikipedia-org-7130 22 9 maintained maintain VBN en-wikipedia-org-7130 22 10 , , , en-wikipedia-org-7130 22 11 never never RB en-wikipedia-org-7130 22 12 - - HYPH en-wikipedia-org-7130 22 13 abused abuse VBN en-wikipedia-org-7130 22 14 , , , en-wikipedia-org-7130 22 15 good good JJ en-wikipedia-org-7130 22 16 used use VBN en-wikipedia-org-7130 22 17 car car NN en-wikipedia-org-7130 22 18 will will MD en-wikipedia-org-7130 22 19 be be VB en-wikipedia-org-7130 22 20 unable unable JJ en-wikipedia-org-7130 22 21 to to TO en-wikipedia-org-7130 22 22 get get VB en-wikipedia-org-7130 22 23 a a DT en-wikipedia-org-7130 22 24 high high JJ en-wikipedia-org-7130 22 25 enough enough JJ en-wikipedia-org-7130 22 26 price price NN en-wikipedia-org-7130 22 27 to to TO en-wikipedia-org-7130 22 28 make make VB en-wikipedia-org-7130 22 29 selling sell VBG en-wikipedia-org-7130 22 30 that that DT en-wikipedia-org-7130 22 31 car car NN en-wikipedia-org-7130 22 32 worthwhile worthwhile JJ en-wikipedia-org-7130 22 33 . . . en-wikipedia-org-7130 23 1 Therefore therefore RB en-wikipedia-org-7130 23 2 , , , en-wikipedia-org-7130 23 3 owners owner NNS en-wikipedia-org-7130 23 4 of of IN en-wikipedia-org-7130 23 5 good good JJ en-wikipedia-org-7130 23 6 cars car NNS en-wikipedia-org-7130 23 7 will will MD en-wikipedia-org-7130 23 8 not not RB en-wikipedia-org-7130 23 9 place place VB en-wikipedia-org-7130 23 10 their -PRON- PRP$ en-wikipedia-org-7130 23 11 cars car NNS en-wikipedia-org-7130 23 12 on on IN en-wikipedia-org-7130 23 13 the the DT en-wikipedia-org-7130 23 14 used use VBN en-wikipedia-org-7130 23 15 car car NN en-wikipedia-org-7130 23 16 market market NN en-wikipedia-org-7130 23 17 . . . en-wikipedia-org-7130 24 1 The the DT en-wikipedia-org-7130 24 2 withdrawal withdrawal NN en-wikipedia-org-7130 24 3 of of IN en-wikipedia-org-7130 24 4 good good JJ en-wikipedia-org-7130 24 5 cars car NNS en-wikipedia-org-7130 24 6 reduces reduce VBZ en-wikipedia-org-7130 24 7 the the DT en-wikipedia-org-7130 24 8 average average JJ en-wikipedia-org-7130 24 9 quality quality NN en-wikipedia-org-7130 24 10 of of IN en-wikipedia-org-7130 24 11 cars car NNS en-wikipedia-org-7130 24 12 on on IN en-wikipedia-org-7130 24 13 the the DT en-wikipedia-org-7130 24 14 market market NN en-wikipedia-org-7130 24 15 , , , en-wikipedia-org-7130 24 16 causing cause VBG en-wikipedia-org-7130 24 17 buyers buyer NNS en-wikipedia-org-7130 24 18 to to TO en-wikipedia-org-7130 24 19 revise revise VB en-wikipedia-org-7130 24 20 downward downward RB en-wikipedia-org-7130 24 21 their -PRON- PRP$ en-wikipedia-org-7130 24 22 expectations expectation NNS en-wikipedia-org-7130 24 23 for for IN en-wikipedia-org-7130 24 24 any any DT en-wikipedia-org-7130 24 25 given give VBN en-wikipedia-org-7130 24 26 car car NN en-wikipedia-org-7130 24 27 . . . en-wikipedia-org-7130 25 1 This this DT en-wikipedia-org-7130 25 2 , , , en-wikipedia-org-7130 25 3 in in IN en-wikipedia-org-7130 25 4 turn turn NN en-wikipedia-org-7130 25 5 , , , en-wikipedia-org-7130 25 6 motivates motivate VBZ en-wikipedia-org-7130 25 7 the the DT en-wikipedia-org-7130 25 8 owners owner NNS en-wikipedia-org-7130 25 9 of of IN en-wikipedia-org-7130 25 10 moderately moderately RB en-wikipedia-org-7130 25 11 good good JJ en-wikipedia-org-7130 25 12 cars car NNS en-wikipedia-org-7130 25 13 not not RB en-wikipedia-org-7130 25 14 to to TO en-wikipedia-org-7130 25 15 sell sell VB en-wikipedia-org-7130 25 16 , , , en-wikipedia-org-7130 25 17 and and CC en-wikipedia-org-7130 25 18 so so RB en-wikipedia-org-7130 25 19 on on RB en-wikipedia-org-7130 25 20 . . . en-wikipedia-org-7130 26 1 The the DT en-wikipedia-org-7130 26 2 result result NN en-wikipedia-org-7130 26 3 is be VBZ en-wikipedia-org-7130 26 4 that that IN en-wikipedia-org-7130 26 5 a a DT en-wikipedia-org-7130 26 6 market market NN en-wikipedia-org-7130 26 7 in in IN en-wikipedia-org-7130 26 8 which which WDT en-wikipedia-org-7130 26 9 there there EX en-wikipedia-org-7130 26 10 is be VBZ en-wikipedia-org-7130 26 11 asymmetric asymmetric JJ en-wikipedia-org-7130 26 12 information information NN en-wikipedia-org-7130 26 13 with with IN en-wikipedia-org-7130 26 14 respect respect NN en-wikipedia-org-7130 26 15 to to IN en-wikipedia-org-7130 26 16 quality quality NN en-wikipedia-org-7130 26 17 shows show VBZ en-wikipedia-org-7130 26 18 characteristics characteristic NNS en-wikipedia-org-7130 26 19 similar similar JJ en-wikipedia-org-7130 26 20 to to IN en-wikipedia-org-7130 26 21 those those DT en-wikipedia-org-7130 26 22 described describe VBN en-wikipedia-org-7130 26 23 by by IN en-wikipedia-org-7130 26 24 Gresham Gresham NNP en-wikipedia-org-7130 26 25 's 's POS en-wikipedia-org-7130 26 26 Law Law NNP en-wikipedia-org-7130 26 27 : : : en-wikipedia-org-7130 26 28 the the DT en-wikipedia-org-7130 26 29 bad bad JJ en-wikipedia-org-7130 26 30 drives drive NNS en-wikipedia-org-7130 26 31 out out RP en-wikipedia-org-7130 26 32 the the DT en-wikipedia-org-7130 26 33 good good NN en-wikipedia-org-7130 26 34 . . . en-wikipedia-org-7130 27 1 ( ( -LRB- en-wikipedia-org-7130 27 2 Although although IN en-wikipedia-org-7130 27 3 Gresham Gresham NNP en-wikipedia-org-7130 27 4 's 's POS en-wikipedia-org-7130 27 5 principle principle NN en-wikipedia-org-7130 27 6 applies apply VBZ en-wikipedia-org-7130 27 7 more more RBR en-wikipedia-org-7130 27 8 specifically specifically RB en-wikipedia-org-7130 27 9 to to TO en-wikipedia-org-7130 27 10 exchange exchange VB en-wikipedia-org-7130 27 11 rates rate NNS en-wikipedia-org-7130 27 12 , , , en-wikipedia-org-7130 27 13 modified modify VBN en-wikipedia-org-7130 27 14 analogies analogy NNS en-wikipedia-org-7130 27 15 can can MD en-wikipedia-org-7130 27 16 be be VB en-wikipedia-org-7130 27 17 drawn draw VBN en-wikipedia-org-7130 27 18 . . . en-wikipedia-org-7130 27 19 ) ) -RRB- en-wikipedia-org-7130 28 1 [ [ -LRB- en-wikipedia-org-7130 28 2 3 3 LS en-wikipedia-org-7130 28 3 ] ] -RRB- en-wikipedia-org-7130 28 4 Statistical statistical JJ en-wikipedia-org-7130 28 5 abstract abstract NN en-wikipedia-org-7130 28 6 of of IN en-wikipedia-org-7130 28 7 the the DT en-wikipedia-org-7130 28 8 problem[edit problem[edit LS en-wikipedia-org-7130 28 9 ] ] -RRB- en-wikipedia-org-7130 28 10 Akerlof Akerlof NNP en-wikipedia-org-7130 28 11 considers consider VBZ en-wikipedia-org-7130 28 12 a a DT en-wikipedia-org-7130 28 13 situation situation NN en-wikipedia-org-7130 28 14 in in IN en-wikipedia-org-7130 28 15 which which WDT en-wikipedia-org-7130 28 16 demand demand NN en-wikipedia-org-7130 28 17 D d NN en-wikipedia-org-7130 28 18 for for IN en-wikipedia-org-7130 28 19 used used JJ en-wikipedia-org-7130 28 20 cars car NNS en-wikipedia-org-7130 28 21 depends depend VBZ en-wikipedia-org-7130 28 22 on on IN en-wikipedia-org-7130 28 23 the the DT en-wikipedia-org-7130 28 24 cars car NNS en-wikipedia-org-7130 28 25 price price NN en-wikipedia-org-7130 28 26 p p NN en-wikipedia-org-7130 28 27 and and CC en-wikipedia-org-7130 28 28 quality quality NN en-wikipedia-org-7130 28 29 µ µ NN en-wikipedia-org-7130 28 30   _SP en-wikipedia-org-7130 28 31 = = NN en-wikipedia-org-7130 28 32   _SP en-wikipedia-org-7130 28 33 µ(p µ(p NNP en-wikipedia-org-7130 28 34 ) ) -RRB- en-wikipedia-org-7130 28 35 and and CC en-wikipedia-org-7130 28 36 the the DT en-wikipedia-org-7130 28 37 supply supply NN en-wikipedia-org-7130 28 38 depends depend VBZ en-wikipedia-org-7130 28 39 on on IN en-wikipedia-org-7130 28 40 price price NN en-wikipedia-org-7130 28 41 alone alone RB en-wikipedia-org-7130 28 42 . . . en-wikipedia-org-7130 29 1 [ [ -LRB- en-wikipedia-org-7130 29 2 4 4 LS en-wikipedia-org-7130 29 3 ] ] -RRB- en-wikipedia-org-7130 29 4 Economic economic JJ en-wikipedia-org-7130 29 5 equilibrium equilibrium NN en-wikipedia-org-7130 29 6 is be VBZ en-wikipedia-org-7130 29 7 given give VBN en-wikipedia-org-7130 29 8 by by IN en-wikipedia-org-7130 29 9 S(p s(p CD en-wikipedia-org-7130 29 10 ) ) -RRB- en-wikipedia-org-7130 29 11   _SP en-wikipedia-org-7130 29 12 = = SYM en-wikipedia-org-7130 29 13   _SP en-wikipedia-org-7130 29 14 D(p,µ d(p,µ ADD en-wikipedia-org-7130 29 15 ) ) -RRB- en-wikipedia-org-7130 29 16 and and CC en-wikipedia-org-7130 29 17 there there EX en-wikipedia-org-7130 29 18 are be VBP en-wikipedia-org-7130 29 19 two two CD en-wikipedia-org-7130 29 20 groups group NNS en-wikipedia-org-7130 29 21 of of IN en-wikipedia-org-7130 29 22 traders trader NNS en-wikipedia-org-7130 29 23 with with IN en-wikipedia-org-7130 29 24 utilities utility NNS en-wikipedia-org-7130 29 25 given give VBN en-wikipedia-org-7130 29 26 by by IN en-wikipedia-org-7130 29 27 : : : en-wikipedia-org-7130 29 28 U u NN en-wikipedia-org-7130 29 29 1 1 CD en-wikipedia-org-7130 29 30 = = SYM en-wikipedia-org-7130 29 31 M m NN en-wikipedia-org-7130 29 32 + + SYM en-wikipedia-org-7130 29 33 ∑ ∑ . en-wikipedia-org-7130 29 34 i i NN en-wikipedia-org-7130 29 35 = = SYM en-wikipedia-org-7130 29 36 1 1 CD en-wikipedia-org-7130 29 37 n n NN en-wikipedia-org-7130 29 38 x x CC en-wikipedia-org-7130 29 39 i i PRP en-wikipedia-org-7130 29 40 { { -LRB- en-wikipedia-org-7130 29 41 \displaystyle \displaystyle CD en-wikipedia-org-7130 29 42 U_{1}=M+\sum U_{1}=M+\sum NNP en-wikipedia-org-7130 29 43 _ _ NNP en-wikipedia-org-7130 29 44 { { -LRB- en-wikipedia-org-7130 29 45 i=1}^{n}x_{i i=1}^{n}x_{i NNP en-wikipedia-org-7130 29 46 } } -RRB- en-wikipedia-org-7130 29 47 } } -RRB- en-wikipedia-org-7130 29 48 U u NN en-wikipedia-org-7130 29 49 2 2 CD en-wikipedia-org-7130 29 50 = = SYM en-wikipedia-org-7130 29 51 M m NN en-wikipedia-org-7130 29 52 + + SYM en-wikipedia-org-7130 29 53 ∑ ∑ . en-wikipedia-org-7130 29 54 i i NN en-wikipedia-org-7130 29 55 = = SYM en-wikipedia-org-7130 29 56 1 1 CD en-wikipedia-org-7130 29 57 n n CC en-wikipedia-org-7130 29 58 3 3 CD en-wikipedia-org-7130 29 59 2 2 CD en-wikipedia-org-7130 29 60 x x SYM en-wikipedia-org-7130 29 61 i i PRP en-wikipedia-org-7130 29 62 { { -LRB- en-wikipedia-org-7130 29 63 \displaystyle \displaystyle CD en-wikipedia-org-7130 29 64 U_{2}=M+\sum U_{2}=M+\sum NNP en-wikipedia-org-7130 29 65 _ _ NNP en-wikipedia-org-7130 29 66 { { -LRB- en-wikipedia-org-7130 29 67 i=1}^{n}{\frac i=1}^{n}{\frac CD en-wikipedia-org-7130 29 68 { { -LRB- en-wikipedia-org-7130 29 69 3}{2}}x_{i 3}{2}}x_{i CD en-wikipedia-org-7130 29 70 } } -RRB- en-wikipedia-org-7130 29 71 } } -RRB- en-wikipedia-org-7130 29 72 where where WRB en-wikipedia-org-7130 29 73 M m NN en-wikipedia-org-7130 29 74 is be VBZ en-wikipedia-org-7130 29 75 the the DT en-wikipedia-org-7130 29 76 consumption consumption NN en-wikipedia-org-7130 29 77 of of IN en-wikipedia-org-7130 29 78 goods good NNS en-wikipedia-org-7130 29 79 other other JJ en-wikipedia-org-7130 29 80 than than IN en-wikipedia-org-7130 29 81 automobiles automobile NNS en-wikipedia-org-7130 29 82 , , , en-wikipedia-org-7130 29 83 x x LS en-wikipedia-org-7130 29 84 the the DT en-wikipedia-org-7130 29 85 car car NN en-wikipedia-org-7130 29 86 's 's POS en-wikipedia-org-7130 29 87 quality quality NN en-wikipedia-org-7130 29 88 and and CC en-wikipedia-org-7130 29 89 n n CC en-wikipedia-org-7130 29 90 the the DT en-wikipedia-org-7130 29 91 number number NN en-wikipedia-org-7130 29 92 of of IN en-wikipedia-org-7130 29 93 automobiles automobile NNS en-wikipedia-org-7130 29 94 . . . en-wikipedia-org-7130 30 1 Let let VB en-wikipedia-org-7130 30 2 Yi Yi NNP en-wikipedia-org-7130 30 3 , , , en-wikipedia-org-7130 30 4 Di Di NNP en-wikipedia-org-7130 30 5 and and CC en-wikipedia-org-7130 30 6 Si Si NNP en-wikipedia-org-7130 30 7 be be VB en-wikipedia-org-7130 30 8 income income NN en-wikipedia-org-7130 30 9 , , , en-wikipedia-org-7130 30 10 demand demand NN en-wikipedia-org-7130 30 11 and and CC en-wikipedia-org-7130 30 12 supply supply NN en-wikipedia-org-7130 30 13 for for IN en-wikipedia-org-7130 30 14 group group NN en-wikipedia-org-7130 30 15   _SP en-wikipedia-org-7130 30 16 i. i. NNP en-wikipedia-org-7130 31 1 Assuming assume VBG en-wikipedia-org-7130 31 2 that that IN en-wikipedia-org-7130 31 3 utilities utility NNS en-wikipedia-org-7130 31 4 are be VBP en-wikipedia-org-7130 31 5 linear linear JJ en-wikipedia-org-7130 31 6 , , , en-wikipedia-org-7130 31 7 that that IN en-wikipedia-org-7130 31 8 the the DT en-wikipedia-org-7130 31 9 traders trader NNS en-wikipedia-org-7130 31 10 are be VBP en-wikipedia-org-7130 31 11 Von Von NNP en-wikipedia-org-7130 31 12 Neumann Neumann NNP en-wikipedia-org-7130 31 13 – – : en-wikipedia-org-7130 31 14 Morgenstern morgenstern NN en-wikipedia-org-7130 31 15 utility utility NN en-wikipedia-org-7130 31 16 maximizers maximizer NNS en-wikipedia-org-7130 31 17 and and CC en-wikipedia-org-7130 31 18 that that IN en-wikipedia-org-7130 31 19 the the DT en-wikipedia-org-7130 31 20 price price NN en-wikipedia-org-7130 31 21 of of IN en-wikipedia-org-7130 31 22 other other JJ en-wikipedia-org-7130 31 23 M M NNP en-wikipedia-org-7130 31 24 goods good NNS en-wikipedia-org-7130 31 25 is be VBZ en-wikipedia-org-7130 31 26 unitary unitary JJ en-wikipedia-org-7130 31 27 , , , en-wikipedia-org-7130 31 28 the the DT en-wikipedia-org-7130 31 29 demand demand NN en-wikipedia-org-7130 31 30 D1 d1 NN en-wikipedia-org-7130 31 31 for for IN en-wikipedia-org-7130 31 32 cars car NNS en-wikipedia-org-7130 31 33 is be VBZ en-wikipedia-org-7130 31 34 Y1 y1 NN en-wikipedia-org-7130 31 35 / / SYM en-wikipedia-org-7130 31 36 p p NN en-wikipedia-org-7130 31 37 if if IN en-wikipedia-org-7130 31 38 μ μ NN en-wikipedia-org-7130 31 39 / / SYM en-wikipedia-org-7130 31 40 p p NNP en-wikipedia-org-7130 31 41   _SP en-wikipedia-org-7130 31 42 > > XX en-wikipedia-org-7130 31 43   _SP en-wikipedia-org-7130 31 44 1 1 CD en-wikipedia-org-7130 31 45 , , , en-wikipedia-org-7130 31 46 otherwise otherwise RB en-wikipedia-org-7130 31 47 null null JJ en-wikipedia-org-7130 31 48 . . . en-wikipedia-org-7130 32 1 The the DT en-wikipedia-org-7130 32 2 demand demand NN en-wikipedia-org-7130 32 3 D2 D2 NNP en-wikipedia-org-7130 32 4 is be VBZ en-wikipedia-org-7130 32 5 Y2 y2 NN en-wikipedia-org-7130 32 6 / / SYM en-wikipedia-org-7130 32 7 p p NN en-wikipedia-org-7130 32 8 if if IN en-wikipedia-org-7130 32 9 3μ/2 3μ/2 CD en-wikipedia-org-7130 32 10   _SP en-wikipedia-org-7130 32 11 > > XX en-wikipedia-org-7130 32 12   _SP en-wikipedia-org-7130 32 13 p p NNP en-wikipedia-org-7130 32 14 , , , en-wikipedia-org-7130 32 15 otherwise otherwise RB en-wikipedia-org-7130 32 16 null null JJ en-wikipedia-org-7130 32 17 . . . en-wikipedia-org-7130 33 1 Market market NN en-wikipedia-org-7130 33 2 demand demand NN en-wikipedia-org-7130 33 3 is be VBZ en-wikipedia-org-7130 33 4 given give VBN en-wikipedia-org-7130 33 5 by by IN en-wikipedia-org-7130 33 6 : : : en-wikipedia-org-7130 33 7 D D NNP en-wikipedia-org-7130 33 8 ( ( -LRB- en-wikipedia-org-7130 33 9 p p NN en-wikipedia-org-7130 33 10 , , , en-wikipedia-org-7130 33 11 μ μ LS en-wikipedia-org-7130 33 12 ) ) -RRB- en-wikipedia-org-7130 33 13 = = NFP en-wikipedia-org-7130 33 14 { { -LRB- en-wikipedia-org-7130 33 15 ( ( -LRB- en-wikipedia-org-7130 33 16 Y y NN en-wikipedia-org-7130 33 17 2 2 CD en-wikipedia-org-7130 33 18 + + CC en-wikipedia-org-7130 33 19 Y y NN en-wikipedia-org-7130 33 20 1 1 CD en-wikipedia-org-7130 33 21 ) ) -RRB- en-wikipedia-org-7130 33 22 / / SYM en-wikipedia-org-7130 33 23 p p NNP en-wikipedia-org-7130 33 24 p p NN en-wikipedia-org-7130 33 25 < < XX en-wikipedia-org-7130 33 26 μ μ XX en-wikipedia-org-7130 33 27 , , , en-wikipedia-org-7130 33 28 Y Y NNP en-wikipedia-org-7130 33 29 2 2 CD en-wikipedia-org-7130 33 30 / / SYM en-wikipedia-org-7130 33 31 p p NN en-wikipedia-org-7130 33 32 μ μ NN en-wikipedia-org-7130 33 33 < < XX en-wikipedia-org-7130 33 34 p p NNP en-wikipedia-org-7130 33 35 < < XX en-wikipedia-org-7130 33 36 3 3 NNP en-wikipedia-org-7130 33 37 μ μ NN en-wikipedia-org-7130 33 38 / / SYM en-wikipedia-org-7130 33 39 2 2 CD en-wikipedia-org-7130 33 40 , , , en-wikipedia-org-7130 33 41 0 0 CD en-wikipedia-org-7130 33 42 p p NN en-wikipedia-org-7130 33 43 > > NN en-wikipedia-org-7130 33 44 3 3 CD en-wikipedia-org-7130 33 45 μ μ NN en-wikipedia-org-7130 33 46 / / SYM en-wikipedia-org-7130 33 47 2 2 CD en-wikipedia-org-7130 33 48 , , , en-wikipedia-org-7130 33 49 { { -LRB- en-wikipedia-org-7130 33 50 \displaystyle \displaystyle CD en-wikipedia-org-7130 33 51 D(p,\mu d(p,\mu NN en-wikipedia-org-7130 33 52 ) ) -RRB- en-wikipedia-org-7130 33 53 = = NFP en-wikipedia-org-7130 33 54 { { -LRB- en-wikipedia-org-7130 33 55 \begin{cases}\left(Y_{2}+Y_{1}\right)/p&p<\mu \begin{cases}\left(y_{2}+y_{1}\right)/p&p<\mu UH en-wikipedia-org-7130 33 56 , , , en-wikipedia-org-7130 33 57 \\Y_{2}/p&\mu \\y_{2}/p&\mu CD en-wikipedia-org-7130 33 58 < < XX en-wikipedia-org-7130 33 59 p<3\mu p<3\mu NN en-wikipedia-org-7130 33 60 /2,\\0&p>3\mu /2,\\0&p>3\mu NFP en-wikipedia-org-7130 33 61 /2,\end{cases /2,\end{cases . en-wikipedia-org-7130 33 62 } } -RRB- en-wikipedia-org-7130 33 63 } } -RRB- en-wikipedia-org-7130 33 64 } } -RRB- en-wikipedia-org-7130 33 65 Group Group NNP en-wikipedia-org-7130 33 66 1 1 CD en-wikipedia-org-7130 33 67 has have VBZ en-wikipedia-org-7130 33 68 N n CD en-wikipedia-org-7130 33 69 cars car NNS en-wikipedia-org-7130 33 70 to to TO en-wikipedia-org-7130 33 71 sell sell VB en-wikipedia-org-7130 33 72 with with IN en-wikipedia-org-7130 33 73 quality quality NN en-wikipedia-org-7130 33 74 between between IN en-wikipedia-org-7130 33 75 0 0 CD en-wikipedia-org-7130 33 76 and and CC en-wikipedia-org-7130 33 77 2 2 CD en-wikipedia-org-7130 33 78 and and CC en-wikipedia-org-7130 33 79 group group NN en-wikipedia-org-7130 33 80 2 2 CD en-wikipedia-org-7130 33 81 has have VBZ en-wikipedia-org-7130 33 82 no no DT en-wikipedia-org-7130 33 83 cars car NNS en-wikipedia-org-7130 33 84 to to TO en-wikipedia-org-7130 33 85 sell sell VB en-wikipedia-org-7130 33 86 , , , en-wikipedia-org-7130 33 87 therefore therefore RB en-wikipedia-org-7130 33 88 S1 s1 NN en-wikipedia-org-7130 33 89 = = NNS en-wikipedia-org-7130 33 90 pN/2 pN/2 : en-wikipedia-org-7130 33 91 and and CC en-wikipedia-org-7130 33 92 S2 s2 NN en-wikipedia-org-7130 33 93   _SP en-wikipedia-org-7130 33 94 = = NN en-wikipedia-org-7130 33 95   _SP en-wikipedia-org-7130 33 96 0 0 CD en-wikipedia-org-7130 33 97 . . . en-wikipedia-org-7130 34 1 For for IN en-wikipedia-org-7130 34 2 a a DT en-wikipedia-org-7130 34 3 given give VBN en-wikipedia-org-7130 34 4 price price NN en-wikipedia-org-7130 34 5 p p NN en-wikipedia-org-7130 34 6 , , , en-wikipedia-org-7130 34 7 average average JJ en-wikipedia-org-7130 34 8 quality quality NN en-wikipedia-org-7130 34 9 is be VBZ en-wikipedia-org-7130 34 10 p/2 p/2 JJ en-wikipedia-org-7130 34 11 , , , en-wikipedia-org-7130 34 12 and and CC en-wikipedia-org-7130 34 13 therefore therefore RB en-wikipedia-org-7130 34 14   _SP en-wikipedia-org-7130 34 15 D d NN en-wikipedia-org-7130 34 16   _SP en-wikipedia-org-7130 34 17 = = NN en-wikipedia-org-7130 34 18   _SP en-wikipedia-org-7130 34 19 0 0 CD en-wikipedia-org-7130 34 20 . . . en-wikipedia-org-7130 35 1 The the DT en-wikipedia-org-7130 35 2 market market NN en-wikipedia-org-7130 35 3 for for IN en-wikipedia-org-7130 35 4 used used JJ en-wikipedia-org-7130 35 5 cars car NNS en-wikipedia-org-7130 35 6 collapses collapse VBZ en-wikipedia-org-7130 35 7 when when WRB en-wikipedia-org-7130 35 8 there there EX en-wikipedia-org-7130 35 9 is be VBZ en-wikipedia-org-7130 35 10 asymmetric asymmetric JJ en-wikipedia-org-7130 35 11 information information NN en-wikipedia-org-7130 35 12 . . . en-wikipedia-org-7130 36 1 Asymmetric asymmetric VB en-wikipedia-org-7130 36 2 information[edit information[edit CD en-wikipedia-org-7130 36 3 ] ] -RRB- en-wikipedia-org-7130 36 4 The the DT en-wikipedia-org-7130 36 5 paper paper NN en-wikipedia-org-7130 36 6 by by IN en-wikipedia-org-7130 36 7 Akerlof Akerlof NNP en-wikipedia-org-7130 36 8 describes describe VBZ en-wikipedia-org-7130 36 9 how how WRB en-wikipedia-org-7130 36 10 the the DT en-wikipedia-org-7130 36 11 interaction interaction NN en-wikipedia-org-7130 36 12 between between IN en-wikipedia-org-7130 36 13 quality quality NN en-wikipedia-org-7130 36 14 heterogeneity heterogeneity NN en-wikipedia-org-7130 36 15 and and CC en-wikipedia-org-7130 36 16 asymmetric asymmetric JJ en-wikipedia-org-7130 36 17 information information NN en-wikipedia-org-7130 36 18 can can MD en-wikipedia-org-7130 36 19 lead lead VB en-wikipedia-org-7130 36 20 to to IN en-wikipedia-org-7130 36 21 the the DT en-wikipedia-org-7130 36 22 disappearance disappearance NN en-wikipedia-org-7130 36 23 of of IN en-wikipedia-org-7130 36 24 a a DT en-wikipedia-org-7130 36 25 market market NN en-wikipedia-org-7130 36 26 where where WRB en-wikipedia-org-7130 36 27 guarantees guarantee NNS en-wikipedia-org-7130 36 28 are be VBP en-wikipedia-org-7130 36 29 indefinite indefinite JJ en-wikipedia-org-7130 36 30 . . . en-wikipedia-org-7130 37 1 In in IN en-wikipedia-org-7130 37 2 this this DT en-wikipedia-org-7130 37 3 model model NN en-wikipedia-org-7130 37 4 , , , en-wikipedia-org-7130 37 5 as as IN en-wikipedia-org-7130 37 6 quality quality NN en-wikipedia-org-7130 37 7 is be VBZ en-wikipedia-org-7130 37 8 indistinguishable indistinguishable JJ en-wikipedia-org-7130 37 9 beforehand beforehand RB en-wikipedia-org-7130 37 10 by by IN en-wikipedia-org-7130 37 11 the the DT en-wikipedia-org-7130 37 12 buyer buyer NN en-wikipedia-org-7130 37 13 ( ( -LRB- en-wikipedia-org-7130 37 14 due due IN en-wikipedia-org-7130 37 15 to to IN en-wikipedia-org-7130 37 16 the the DT en-wikipedia-org-7130 37 17 asymmetry asymmetry NN en-wikipedia-org-7130 37 18 of of IN en-wikipedia-org-7130 37 19 information information NN en-wikipedia-org-7130 37 20 ) ) -RRB- en-wikipedia-org-7130 37 21 , , , en-wikipedia-org-7130 37 22 incentives incentive NNS en-wikipedia-org-7130 37 23 exist exist VBP en-wikipedia-org-7130 37 24 for for IN en-wikipedia-org-7130 37 25 the the DT en-wikipedia-org-7130 37 26 seller seller NN en-wikipedia-org-7130 37 27 to to TO en-wikipedia-org-7130 37 28 pass pass VB en-wikipedia-org-7130 37 29 off off RP en-wikipedia-org-7130 37 30 low low JJ en-wikipedia-org-7130 37 31 - - HYPH en-wikipedia-org-7130 37 32 quality quality NN en-wikipedia-org-7130 37 33 goods good NNS en-wikipedia-org-7130 37 34 as as IN en-wikipedia-org-7130 37 35 higher high JJR en-wikipedia-org-7130 37 36 - - HYPH en-wikipedia-org-7130 37 37 quality quality NN en-wikipedia-org-7130 37 38 ones one NNS en-wikipedia-org-7130 37 39 . . . en-wikipedia-org-7130 38 1 The the DT en-wikipedia-org-7130 38 2 buyer buyer NN en-wikipedia-org-7130 38 3 , , , en-wikipedia-org-7130 38 4 however however RB en-wikipedia-org-7130 38 5 , , , en-wikipedia-org-7130 38 6 takes take VBZ en-wikipedia-org-7130 38 7 this this DT en-wikipedia-org-7130 38 8 incentive incentive NN en-wikipedia-org-7130 38 9 into into IN en-wikipedia-org-7130 38 10 consideration consideration NN en-wikipedia-org-7130 38 11 , , , en-wikipedia-org-7130 38 12 and and CC en-wikipedia-org-7130 38 13 takes take VBZ en-wikipedia-org-7130 38 14 the the DT en-wikipedia-org-7130 38 15 quality quality NN en-wikipedia-org-7130 38 16 of of IN en-wikipedia-org-7130 38 17 the the DT en-wikipedia-org-7130 38 18 goods good NNS en-wikipedia-org-7130 38 19 to to TO en-wikipedia-org-7130 38 20 be be VB en-wikipedia-org-7130 38 21 uncertain uncertain JJ en-wikipedia-org-7130 38 22 . . . en-wikipedia-org-7130 39 1 Only only RB en-wikipedia-org-7130 39 2 the the DT en-wikipedia-org-7130 39 3 average average JJ en-wikipedia-org-7130 39 4 quality quality NN en-wikipedia-org-7130 39 5 of of IN en-wikipedia-org-7130 39 6 the the DT en-wikipedia-org-7130 39 7 goods good NNS en-wikipedia-org-7130 39 8 will will MD en-wikipedia-org-7130 39 9 be be VB en-wikipedia-org-7130 39 10 considered consider VBN en-wikipedia-org-7130 39 11 , , , en-wikipedia-org-7130 39 12 which which WDT en-wikipedia-org-7130 39 13 in in IN en-wikipedia-org-7130 39 14 turn turn NN en-wikipedia-org-7130 39 15 will will MD en-wikipedia-org-7130 39 16 have have VB en-wikipedia-org-7130 39 17 the the DT en-wikipedia-org-7130 39 18 side side JJ en-wikipedia-org-7130 39 19 effect effect NN en-wikipedia-org-7130 39 20 that that WDT en-wikipedia-org-7130 39 21 goods good NNS en-wikipedia-org-7130 39 22 that that WDT en-wikipedia-org-7130 39 23 are be VBP en-wikipedia-org-7130 39 24 above above IN en-wikipedia-org-7130 39 25 average average JJ en-wikipedia-org-7130 39 26 in in IN en-wikipedia-org-7130 39 27 terms term NNS en-wikipedia-org-7130 39 28 of of IN en-wikipedia-org-7130 39 29 quality quality NN en-wikipedia-org-7130 39 30 will will MD en-wikipedia-org-7130 39 31 be be VB en-wikipedia-org-7130 39 32 driven drive VBN en-wikipedia-org-7130 39 33 out out IN en-wikipedia-org-7130 39 34 of of IN en-wikipedia-org-7130 39 35 the the DT en-wikipedia-org-7130 39 36 market market NN en-wikipedia-org-7130 39 37 . . . en-wikipedia-org-7130 40 1 This this DT en-wikipedia-org-7130 40 2 mechanism mechanism NN en-wikipedia-org-7130 40 3 is be VBZ en-wikipedia-org-7130 40 4 repeated repeat VBN en-wikipedia-org-7130 40 5 until until IN en-wikipedia-org-7130 40 6 a a DT en-wikipedia-org-7130 40 7 no no DT en-wikipedia-org-7130 40 8 - - HYPH en-wikipedia-org-7130 40 9 trade trade NN en-wikipedia-org-7130 40 10 equilibrium equilibrium NN en-wikipedia-org-7130 40 11 is be VBZ en-wikipedia-org-7130 40 12 reached reach VBN en-wikipedia-org-7130 40 13 . . . en-wikipedia-org-7130 41 1 As as IN en-wikipedia-org-7130 41 2 a a DT en-wikipedia-org-7130 41 3 consequence consequence NN en-wikipedia-org-7130 41 4 of of IN en-wikipedia-org-7130 41 5 the the DT en-wikipedia-org-7130 41 6 mechanism mechanism NN en-wikipedia-org-7130 41 7 described describe VBN en-wikipedia-org-7130 41 8 in in IN en-wikipedia-org-7130 41 9 this this DT en-wikipedia-org-7130 41 10 paper paper NN en-wikipedia-org-7130 41 11 , , , en-wikipedia-org-7130 41 12 markets market NNS en-wikipedia-org-7130 41 13 may may MD en-wikipedia-org-7130 41 14 fail fail VB en-wikipedia-org-7130 41 15 to to TO en-wikipedia-org-7130 41 16 exist exist VB en-wikipedia-org-7130 41 17 altogether altogether RB en-wikipedia-org-7130 41 18 in in IN en-wikipedia-org-7130 41 19 certain certain JJ en-wikipedia-org-7130 41 20 situations situation NNS en-wikipedia-org-7130 41 21 involving involve VBG en-wikipedia-org-7130 41 22 quality quality NN en-wikipedia-org-7130 41 23 uncertainty uncertainty NN en-wikipedia-org-7130 41 24 . . . en-wikipedia-org-7130 42 1 Examples example NNS en-wikipedia-org-7130 42 2 given give VBN en-wikipedia-org-7130 42 3 in in IN en-wikipedia-org-7130 42 4 Akerlof Akerlof NNP en-wikipedia-org-7130 42 5 's 's POS en-wikipedia-org-7130 42 6 paper paper NN en-wikipedia-org-7130 42 7 include include VBP en-wikipedia-org-7130 42 8 the the DT en-wikipedia-org-7130 42 9 market market NN en-wikipedia-org-7130 42 10 for for IN en-wikipedia-org-7130 42 11 used used JJ en-wikipedia-org-7130 42 12 cars car NNS en-wikipedia-org-7130 42 13 , , , en-wikipedia-org-7130 42 14 the the DT en-wikipedia-org-7130 42 15 dearth dearth NN en-wikipedia-org-7130 42 16 of of IN en-wikipedia-org-7130 42 17 formal formal JJ en-wikipedia-org-7130 42 18 credit credit NN en-wikipedia-org-7130 42 19 markets market NNS en-wikipedia-org-7130 42 20 in in IN en-wikipedia-org-7130 42 21 developing develop VBG en-wikipedia-org-7130 42 22 countries country NNS en-wikipedia-org-7130 42 23 , , , en-wikipedia-org-7130 42 24 and and CC en-wikipedia-org-7130 42 25 the the DT en-wikipedia-org-7130 42 26 difficulties difficulty NNS en-wikipedia-org-7130 42 27 that that WDT en-wikipedia-org-7130 42 28 the the DT en-wikipedia-org-7130 42 29 elderly elderly JJ en-wikipedia-org-7130 42 30 encounter encounter NN en-wikipedia-org-7130 42 31 in in IN en-wikipedia-org-7130 42 32 buying buy VBG en-wikipedia-org-7130 42 33 health health NN en-wikipedia-org-7130 42 34 insurance insurance NN en-wikipedia-org-7130 42 35 . . . en-wikipedia-org-7130 43 1 However however RB en-wikipedia-org-7130 43 2 , , , en-wikipedia-org-7130 43 3 not not RB en-wikipedia-org-7130 43 4 all all DT en-wikipedia-org-7130 43 5 players player NNS en-wikipedia-org-7130 43 6 in in IN en-wikipedia-org-7130 43 7 a a DT en-wikipedia-org-7130 43 8 given give VBN en-wikipedia-org-7130 43 9 market market NN en-wikipedia-org-7130 43 10 will will MD en-wikipedia-org-7130 43 11 follow follow VB en-wikipedia-org-7130 43 12 the the DT en-wikipedia-org-7130 43 13 same same JJ en-wikipedia-org-7130 43 14 rules rule NNS en-wikipedia-org-7130 43 15 or or CC en-wikipedia-org-7130 43 16 have have VBP en-wikipedia-org-7130 43 17 the the DT en-wikipedia-org-7130 43 18 same same JJ en-wikipedia-org-7130 43 19 aptitude aptitude NN en-wikipedia-org-7130 43 20 of of IN en-wikipedia-org-7130 43 21 assessing assess VBG en-wikipedia-org-7130 43 22 quality quality NN en-wikipedia-org-7130 43 23 . . . en-wikipedia-org-7130 44 1 So so CC en-wikipedia-org-7130 44 2 there there EX en-wikipedia-org-7130 44 3 will will MD en-wikipedia-org-7130 44 4 always always RB en-wikipedia-org-7130 44 5 be be VB en-wikipedia-org-7130 44 6 a a DT en-wikipedia-org-7130 44 7 distinct distinct JJ en-wikipedia-org-7130 44 8 advantage advantage NN en-wikipedia-org-7130 44 9 for for IN en-wikipedia-org-7130 44 10 some some DT en-wikipedia-org-7130 44 11 vendors vendor NNS en-wikipedia-org-7130 44 12 to to TO en-wikipedia-org-7130 44 13 offer offer VB en-wikipedia-org-7130 44 14 low low JJ en-wikipedia-org-7130 44 15 - - HYPH en-wikipedia-org-7130 44 16 quality quality NN en-wikipedia-org-7130 44 17 goods good NNS en-wikipedia-org-7130 44 18 to to IN en-wikipedia-org-7130 44 19 the the DT en-wikipedia-org-7130 44 20 less less RBR en-wikipedia-org-7130 44 21 - - HYPH en-wikipedia-org-7130 44 22 informed inform VBN en-wikipedia-org-7130 44 23 segment segment NN en-wikipedia-org-7130 44 24 of of IN en-wikipedia-org-7130 44 25 a a DT en-wikipedia-org-7130 44 26 market market NN en-wikipedia-org-7130 44 27 that that IN en-wikipedia-org-7130 44 28 , , , en-wikipedia-org-7130 44 29 on on IN en-wikipedia-org-7130 44 30 the the DT en-wikipedia-org-7130 44 31 whole whole NN en-wikipedia-org-7130 44 32 , , , en-wikipedia-org-7130 44 33 appears appear VBZ en-wikipedia-org-7130 44 34 to to TO en-wikipedia-org-7130 44 35 be be VB en-wikipedia-org-7130 44 36 of of IN en-wikipedia-org-7130 44 37 reasonable reasonable JJ en-wikipedia-org-7130 44 38 quality quality NN en-wikipedia-org-7130 44 39 and and CC en-wikipedia-org-7130 44 40 have have VBP en-wikipedia-org-7130 44 41 reasonable reasonable JJ en-wikipedia-org-7130 44 42 guarantees guarantee NNS en-wikipedia-org-7130 44 43 of of IN en-wikipedia-org-7130 44 44 certainty certainty NN en-wikipedia-org-7130 44 45 . . . en-wikipedia-org-7130 45 1 This this DT en-wikipedia-org-7130 45 2 is be VBZ en-wikipedia-org-7130 45 3 part part NN en-wikipedia-org-7130 45 4 of of IN en-wikipedia-org-7130 45 5 the the DT en-wikipedia-org-7130 45 6 basis basis NN en-wikipedia-org-7130 45 7 for for IN en-wikipedia-org-7130 45 8 the the DT en-wikipedia-org-7130 45 9 idiom idiom NN en-wikipedia-org-7130 45 10 buyer buyer NN en-wikipedia-org-7130 45 11 beware beware VBP en-wikipedia-org-7130 45 12 . . . en-wikipedia-org-7130 46 1 This this DT en-wikipedia-org-7130 46 2 is be VBZ en-wikipedia-org-7130 46 3 likely likely RB en-wikipedia-org-7130 46 4 the the DT en-wikipedia-org-7130 46 5 basis basis NN en-wikipedia-org-7130 46 6 for for IN en-wikipedia-org-7130 46 7 the the DT en-wikipedia-org-7130 46 8 idiom idiom NN en-wikipedia-org-7130 46 9 that that IN en-wikipedia-org-7130 46 10 an an DT en-wikipedia-org-7130 46 11 informed inform VBN en-wikipedia-org-7130 46 12 consumer consumer NN en-wikipedia-org-7130 46 13 is be VBZ en-wikipedia-org-7130 46 14 a a DT en-wikipedia-org-7130 46 15 better well JJR en-wikipedia-org-7130 46 16 consumer consumer NN en-wikipedia-org-7130 46 17 . . . en-wikipedia-org-7130 47 1 An an DT en-wikipedia-org-7130 47 2 example example NN en-wikipedia-org-7130 47 3 of of IN en-wikipedia-org-7130 47 4 this this DT en-wikipedia-org-7130 47 5 might may MD en-wikipedia-org-7130 47 6 be be VB en-wikipedia-org-7130 47 7 the the DT en-wikipedia-org-7130 47 8 subjective subjective JJ en-wikipedia-org-7130 47 9 quality quality NN en-wikipedia-org-7130 47 10 of of IN en-wikipedia-org-7130 47 11 fine fine JJ en-wikipedia-org-7130 47 12 food food NN en-wikipedia-org-7130 47 13 and and CC en-wikipedia-org-7130 47 14 wine wine NN en-wikipedia-org-7130 47 15 . . . en-wikipedia-org-7130 48 1 Individual individual JJ en-wikipedia-org-7130 48 2 consumers consumer NNS en-wikipedia-org-7130 48 3 know know VBP en-wikipedia-org-7130 48 4 best good JJS en-wikipedia-org-7130 48 5 what what WP en-wikipedia-org-7130 48 6 they -PRON- PRP en-wikipedia-org-7130 48 7 prefer prefer VBP en-wikipedia-org-7130 48 8 to to TO en-wikipedia-org-7130 48 9 eat eat VB en-wikipedia-org-7130 48 10 , , , en-wikipedia-org-7130 48 11 and and CC en-wikipedia-org-7130 48 12 quality quality NN en-wikipedia-org-7130 48 13 is be VBZ en-wikipedia-org-7130 48 14 almost almost RB en-wikipedia-org-7130 48 15 always always RB en-wikipedia-org-7130 48 16 assessed assess VBN en-wikipedia-org-7130 48 17 in in IN en-wikipedia-org-7130 48 18 fine fine JJ en-wikipedia-org-7130 48 19 establishments establishment NNS en-wikipedia-org-7130 48 20 by by IN en-wikipedia-org-7130 48 21 smell smell NN en-wikipedia-org-7130 48 22 and and CC en-wikipedia-org-7130 48 23 taste taste NN en-wikipedia-org-7130 48 24 before before IN en-wikipedia-org-7130 48 25 they -PRON- PRP en-wikipedia-org-7130 48 26 pay pay VBP en-wikipedia-org-7130 48 27 . . . en-wikipedia-org-7130 49 1 That that RB en-wikipedia-org-7130 49 2 is is RB en-wikipedia-org-7130 49 3 , , , en-wikipedia-org-7130 49 4 if if IN en-wikipedia-org-7130 49 5 a a DT en-wikipedia-org-7130 49 6 customer customer NN en-wikipedia-org-7130 49 7 in in IN en-wikipedia-org-7130 49 8 a a DT en-wikipedia-org-7130 49 9 fine fine JJ en-wikipedia-org-7130 49 10 establishment establishment NN en-wikipedia-org-7130 49 11 orders order VBZ en-wikipedia-org-7130 49 12 a a DT en-wikipedia-org-7130 49 13 lobster lobster NN en-wikipedia-org-7130 49 14 and and CC en-wikipedia-org-7130 49 15 the the DT en-wikipedia-org-7130 49 16 meat meat NN en-wikipedia-org-7130 49 17 is be VBZ en-wikipedia-org-7130 49 18 not not RB en-wikipedia-org-7130 49 19 fresh fresh JJ en-wikipedia-org-7130 49 20 , , , en-wikipedia-org-7130 49 21 he -PRON- PRP en-wikipedia-org-7130 49 22 can can MD en-wikipedia-org-7130 49 23 send send VB en-wikipedia-org-7130 49 24 the the DT en-wikipedia-org-7130 49 25 lobster lobster NN en-wikipedia-org-7130 49 26 back back RB en-wikipedia-org-7130 49 27 to to IN en-wikipedia-org-7130 49 28 the the DT en-wikipedia-org-7130 49 29 kitchen kitchen NN en-wikipedia-org-7130 49 30 and and CC en-wikipedia-org-7130 49 31 refuse refuse VB en-wikipedia-org-7130 49 32 to to TO en-wikipedia-org-7130 49 33 pay pay VB en-wikipedia-org-7130 49 34 for for IN en-wikipedia-org-7130 49 35 it -PRON- PRP en-wikipedia-org-7130 49 36 . . . en-wikipedia-org-7130 50 1 However however RB en-wikipedia-org-7130 50 2 , , , en-wikipedia-org-7130 50 3 a a DT en-wikipedia-org-7130 50 4 definition definition NN en-wikipedia-org-7130 50 5 of of IN en-wikipedia-org-7130 50 6 ' ' `` en-wikipedia-org-7130 50 7 highest high JJS en-wikipedia-org-7130 50 8 quality quality NN en-wikipedia-org-7130 50 9 ' ' '' en-wikipedia-org-7130 50 10 for for IN en-wikipedia-org-7130 50 11 food food NN en-wikipedia-org-7130 50 12 eludes elude NNS en-wikipedia-org-7130 50 13 providers provider NNS en-wikipedia-org-7130 50 14 . . . en-wikipedia-org-7130 51 1 Thus thus RB en-wikipedia-org-7130 51 2 , , , en-wikipedia-org-7130 51 3 a a DT en-wikipedia-org-7130 51 4 large large JJ en-wikipedia-org-7130 51 5 variety variety NN en-wikipedia-org-7130 51 6 of of IN en-wikipedia-org-7130 51 7 better well JJR en-wikipedia-org-7130 51 8 - - HYPH en-wikipedia-org-7130 51 9 quality quality NN en-wikipedia-org-7130 51 10 and and CC en-wikipedia-org-7130 51 11 higher higher RBR en-wikipedia-org-7130 51 12 - - HYPH en-wikipedia-org-7130 51 13 priced price VBN en-wikipedia-org-7130 51 14 restaurants restaurant NNS en-wikipedia-org-7130 51 15 are be VBP en-wikipedia-org-7130 51 16 supported support VBN en-wikipedia-org-7130 51 17 . . . en-wikipedia-org-7130 52 1 Impact impact VB en-wikipedia-org-7130 52 2 on on IN en-wikipedia-org-7130 52 3 markets[edit markets[edit NNPS en-wikipedia-org-7130 52 4 ] ] -RRB- en-wikipedia-org-7130 52 5 The the DT en-wikipedia-org-7130 52 6 article article NN en-wikipedia-org-7130 52 7 draws draw VBZ en-wikipedia-org-7130 52 8 some some DT en-wikipedia-org-7130 52 9 conclusions conclusion NNS en-wikipedia-org-7130 52 10 about about IN en-wikipedia-org-7130 52 11 the the DT en-wikipedia-org-7130 52 12 cost cost NN en-wikipedia-org-7130 52 13 of of IN en-wikipedia-org-7130 52 14 dishonesty dishonesty NN en-wikipedia-org-7130 52 15 in in IN en-wikipedia-org-7130 52 16 markets market NNS en-wikipedia-org-7130 52 17 in in IN en-wikipedia-org-7130 52 18 general general JJ en-wikipedia-org-7130 52 19 : : : en-wikipedia-org-7130 52 20 The the DT en-wikipedia-org-7130 52 21 cost cost NN en-wikipedia-org-7130 52 22 of of IN en-wikipedia-org-7130 52 23 dishonesty dishonesty NN en-wikipedia-org-7130 52 24 , , , en-wikipedia-org-7130 52 25 therefore therefore RB en-wikipedia-org-7130 52 26 , , , en-wikipedia-org-7130 52 27 lies lie VBZ en-wikipedia-org-7130 52 28 not not RB en-wikipedia-org-7130 52 29 only only RB en-wikipedia-org-7130 52 30 in in IN en-wikipedia-org-7130 52 31 the the DT en-wikipedia-org-7130 52 32 amount amount NN en-wikipedia-org-7130 52 33 by by IN en-wikipedia-org-7130 52 34 which which WDT en-wikipedia-org-7130 52 35 the the DT en-wikipedia-org-7130 52 36 purchaser purchaser NN en-wikipedia-org-7130 52 37 is be VBZ en-wikipedia-org-7130 52 38 cheated cheat VBN en-wikipedia-org-7130 52 39 ; ; : en-wikipedia-org-7130 52 40 the the DT en-wikipedia-org-7130 52 41 cost cost NN en-wikipedia-org-7130 52 42 also also RB en-wikipedia-org-7130 52 43 must must MD en-wikipedia-org-7130 52 44 include include VB en-wikipedia-org-7130 52 45 the the DT en-wikipedia-org-7130 52 46 loss loss NN en-wikipedia-org-7130 52 47 incurred incur VBN en-wikipedia-org-7130 52 48 from from IN en-wikipedia-org-7130 52 49 driving drive VBG en-wikipedia-org-7130 52 50 legitimate legitimate JJ en-wikipedia-org-7130 52 51 business business NN en-wikipedia-org-7130 52 52 out out IN en-wikipedia-org-7130 52 53 of of IN en-wikipedia-org-7130 52 54 existence existence NN en-wikipedia-org-7130 52 55 . . . en-wikipedia-org-7130 53 1 Critical critical JJ en-wikipedia-org-7130 53 2 reception[edit reception[edit CD en-wikipedia-org-7130 53 3 ] ] -RRB- en-wikipedia-org-7130 53 4 George George NNP en-wikipedia-org-7130 53 5 E. E. NNP en-wikipedia-org-7130 53 6 Hoffer Hoffer NNP en-wikipedia-org-7130 53 7 and and CC en-wikipedia-org-7130 53 8 Michael Michael NNP en-wikipedia-org-7130 53 9 D. D. NNP en-wikipedia-org-7130 53 10 Pratt Pratt NNP en-wikipedia-org-7130 53 11 state state NN en-wikipedia-org-7130 53 12 that that IN en-wikipedia-org-7130 53 13 the the DT en-wikipedia-org-7130 53 14 “ " `` en-wikipedia-org-7130 53 15 economic economic JJ en-wikipedia-org-7130 53 16 literature literature NN en-wikipedia-org-7130 53 17 is be VBZ en-wikipedia-org-7130 53 18 divided divide VBN en-wikipedia-org-7130 53 19 on on IN en-wikipedia-org-7130 53 20 whether whether IN en-wikipedia-org-7130 53 21 a a DT en-wikipedia-org-7130 53 22 lemons lemon NNS en-wikipedia-org-7130 53 23 market market NN en-wikipedia-org-7130 53 24 actually actually RB en-wikipedia-org-7130 53 25 exists exist VBZ en-wikipedia-org-7130 53 26 in in IN en-wikipedia-org-7130 53 27 used use VBN en-wikipedia-org-7130 53 28 vehicles vehicle NNS en-wikipedia-org-7130 53 29 ” " '' en-wikipedia-org-7130 53 30 . . . en-wikipedia-org-7130 54 1 The the DT en-wikipedia-org-7130 54 2 authors author NNS en-wikipedia-org-7130 54 3 ’ ’ POS en-wikipedia-org-7130 54 4 research research NN en-wikipedia-org-7130 54 5 supports support VBZ en-wikipedia-org-7130 54 6 the the DT en-wikipedia-org-7130 54 7 hypothesis hypothesis NN en-wikipedia-org-7130 54 8 that that IN en-wikipedia-org-7130 54 9 “ " `` en-wikipedia-org-7130 54 10 known know VBN en-wikipedia-org-7130 54 11 defects defect NNS en-wikipedia-org-7130 54 12 provisions provision NNS en-wikipedia-org-7130 54 13 ” " '' en-wikipedia-org-7130 54 14 , , , en-wikipedia-org-7130 54 15 used use VBN en-wikipedia-org-7130 54 16 by by IN en-wikipedia-org-7130 54 17 US US NNP en-wikipedia-org-7130 54 18 states state NNS en-wikipedia-org-7130 54 19 ( ( -LRB- en-wikipedia-org-7130 54 20 e.g. e.g. RB en-wikipedia-org-7130 54 21 , , , en-wikipedia-org-7130 54 22 Wisconsin Wisconsin NNP en-wikipedia-org-7130 54 23 ) ) -RRB- en-wikipedia-org-7130 54 24 to to TO en-wikipedia-org-7130 54 25 regulate regulate VB en-wikipedia-org-7130 54 26 used used JJ en-wikipedia-org-7130 54 27 car car NN en-wikipedia-org-7130 54 28 sales sale NNS en-wikipedia-org-7130 54 29 , , , en-wikipedia-org-7130 54 30 have have VBP en-wikipedia-org-7130 54 31 been be VBN en-wikipedia-org-7130 54 32 ineffectual ineffectual JJ en-wikipedia-org-7130 54 33 , , , en-wikipedia-org-7130 54 34 because because IN en-wikipedia-org-7130 54 35 the the DT en-wikipedia-org-7130 54 36 quality quality NN en-wikipedia-org-7130 54 37 of of IN en-wikipedia-org-7130 54 38 used use VBN en-wikipedia-org-7130 54 39 vehicles vehicle NNS en-wikipedia-org-7130 54 40 sold sell VBN en-wikipedia-org-7130 54 41 in in IN en-wikipedia-org-7130 54 42 these these DT en-wikipedia-org-7130 54 43 states state NNS en-wikipedia-org-7130 54 44 is be VBZ en-wikipedia-org-7130 54 45 not not RB en-wikipedia-org-7130 54 46 significantly significantly RB en-wikipedia-org-7130 54 47 better well JJR en-wikipedia-org-7130 54 48 than than IN en-wikipedia-org-7130 54 49 the the DT en-wikipedia-org-7130 54 50 vehicles vehicle NNS en-wikipedia-org-7130 54 51 in in IN en-wikipedia-org-7130 54 52 neighboring neighboring NN en-wikipedia-org-7130 54 53 states state NNS en-wikipedia-org-7130 54 54 without without IN en-wikipedia-org-7130 54 55 such such JJ en-wikipedia-org-7130 54 56 consumer consumer NN en-wikipedia-org-7130 54 57 protection protection NN en-wikipedia-org-7130 54 58 legislation legislation NN en-wikipedia-org-7130 54 59 . . . en-wikipedia-org-7130 55 1 [ [ -LRB- en-wikipedia-org-7130 55 2 5 5 CD en-wikipedia-org-7130 55 3 ] ] -RRB- en-wikipedia-org-7130 55 4 Both both CC en-wikipedia-org-7130 55 5 the the DT en-wikipedia-org-7130 55 6 American American NNP en-wikipedia-org-7130 55 7 Economic Economic NNP en-wikipedia-org-7130 55 8 Review Review NNP en-wikipedia-org-7130 55 9 and and CC en-wikipedia-org-7130 55 10 the the DT en-wikipedia-org-7130 55 11 Review Review NNP en-wikipedia-org-7130 55 12 of of IN en-wikipedia-org-7130 55 13 Economic Economic NNP en-wikipedia-org-7130 55 14 Studies Studies NNPS en-wikipedia-org-7130 55 15 rejected reject VBD en-wikipedia-org-7130 55 16 the the DT en-wikipedia-org-7130 55 17 paper paper NN en-wikipedia-org-7130 55 18 for for IN en-wikipedia-org-7130 55 19 " " `` en-wikipedia-org-7130 55 20 triviality triviality NN en-wikipedia-org-7130 55 21 " " '' en-wikipedia-org-7130 55 22 , , , en-wikipedia-org-7130 55 23 while while IN en-wikipedia-org-7130 55 24 the the DT en-wikipedia-org-7130 55 25 reviewers reviewer NNS en-wikipedia-org-7130 55 26 for for IN en-wikipedia-org-7130 55 27 Journal Journal NNP en-wikipedia-org-7130 55 28 of of IN en-wikipedia-org-7130 55 29 Political Political NNP en-wikipedia-org-7130 55 30 Economy Economy NNP en-wikipedia-org-7130 55 31 rejected reject VBD en-wikipedia-org-7130 55 32 it -PRON- PRP en-wikipedia-org-7130 55 33 as as RB en-wikipedia-org-7130 55 34 incorrect incorrect JJ en-wikipedia-org-7130 55 35 , , , en-wikipedia-org-7130 55 36 arguing argue VBG en-wikipedia-org-7130 55 37 that that IN en-wikipedia-org-7130 55 38 , , , en-wikipedia-org-7130 55 39 if if IN en-wikipedia-org-7130 55 40 this this DT en-wikipedia-org-7130 55 41 paper paper NN en-wikipedia-org-7130 55 42 were be VBD en-wikipedia-org-7130 55 43 correct correct JJ en-wikipedia-org-7130 55 44 , , , en-wikipedia-org-7130 55 45 then then RB en-wikipedia-org-7130 55 46 no no DT en-wikipedia-org-7130 55 47 goods good NNS en-wikipedia-org-7130 55 48 could could MD en-wikipedia-org-7130 55 49 be be VB en-wikipedia-org-7130 55 50 traded trade VBN en-wikipedia-org-7130 55 51 . . . en-wikipedia-org-7130 56 1 [ [ -LRB- en-wikipedia-org-7130 56 2 6 6 CD en-wikipedia-org-7130 56 3 ] ] -RRB- en-wikipedia-org-7130 56 4 Only only RB en-wikipedia-org-7130 56 5 on on IN en-wikipedia-org-7130 56 6 the the DT en-wikipedia-org-7130 56 7 fourth fourth JJ en-wikipedia-org-7130 56 8 attempt attempt NN en-wikipedia-org-7130 56 9 did do VBD en-wikipedia-org-7130 56 10 the the DT en-wikipedia-org-7130 56 11 paper paper NN en-wikipedia-org-7130 56 12 get get VB en-wikipedia-org-7130 56 13 published publish VBN en-wikipedia-org-7130 56 14 in in IN en-wikipedia-org-7130 56 15 Quarterly Quarterly NNP en-wikipedia-org-7130 56 16 Journal Journal NNP en-wikipedia-org-7130 56 17 of of IN en-wikipedia-org-7130 56 18 Economics Economics NNP en-wikipedia-org-7130 56 19 . . . en-wikipedia-org-7130 57 1 [ [ -LRB- en-wikipedia-org-7130 57 2 7 7 CD en-wikipedia-org-7130 57 3 ] ] -RRB- en-wikipedia-org-7130 57 4 Today today NN en-wikipedia-org-7130 57 5 , , , en-wikipedia-org-7130 57 6 the the DT en-wikipedia-org-7130 57 7 paper paper NN en-wikipedia-org-7130 57 8 is be VBZ en-wikipedia-org-7130 57 9 one one CD en-wikipedia-org-7130 57 10 of of IN en-wikipedia-org-7130 57 11 the the DT en-wikipedia-org-7130 57 12 most most RBS en-wikipedia-org-7130 57 13 - - HYPH en-wikipedia-org-7130 57 14 cited cite VBN en-wikipedia-org-7130 57 15 papers paper NNS en-wikipedia-org-7130 57 16 in in IN en-wikipedia-org-7130 57 17 modern modern JJ en-wikipedia-org-7130 57 18 economic economic JJ en-wikipedia-org-7130 57 19 theory theory NN en-wikipedia-org-7130 57 20 and and CC en-wikipedia-org-7130 57 21 most most RBS en-wikipedia-org-7130 57 22 downloaded download VBN en-wikipedia-org-7130 57 23 economic economic JJ en-wikipedia-org-7130 57 24 journal journal NN en-wikipedia-org-7130 57 25 paper paper NN en-wikipedia-org-7130 57 26 of of IN en-wikipedia-org-7130 57 27 all all DT en-wikipedia-org-7130 57 28 time time NN en-wikipedia-org-7130 57 29 in in IN en-wikipedia-org-7130 57 30 RePEC RePEC NNP en-wikipedia-org-7130 57 31 ( ( -LRB- en-wikipedia-org-7130 57 32 more more JJR en-wikipedia-org-7130 57 33 than than IN en-wikipedia-org-7130 57 34 8,530 8,530 CD en-wikipedia-org-7130 57 35 citations citation NNS en-wikipedia-org-7130 57 36 in in IN en-wikipedia-org-7130 57 37 academic academic JJ en-wikipedia-org-7130 57 38 papers paper NNS en-wikipedia-org-7130 57 39 as as IN en-wikipedia-org-7130 57 40 of of IN en-wikipedia-org-7130 57 41 May May NNP en-wikipedia-org-7130 57 42 2011 2011 CD en-wikipedia-org-7130 57 43 ) ) -RRB- en-wikipedia-org-7130 57 44 . . . en-wikipedia-org-7130 58 1 [ [ -LRB- en-wikipedia-org-7130 58 2 8 8 CD en-wikipedia-org-7130 58 3 ] ] -RRB- en-wikipedia-org-7130 58 4 It -PRON- PRP en-wikipedia-org-7130 58 5 has have VBZ en-wikipedia-org-7130 58 6 profoundly profoundly RB en-wikipedia-org-7130 58 7 influenced influence VBN en-wikipedia-org-7130 58 8 virtually virtually RB en-wikipedia-org-7130 58 9 every every DT en-wikipedia-org-7130 58 10 field field NN en-wikipedia-org-7130 58 11 of of IN en-wikipedia-org-7130 58 12 economics economic NNS en-wikipedia-org-7130 58 13 , , , en-wikipedia-org-7130 58 14 from from IN en-wikipedia-org-7130 58 15 industrial industrial JJ en-wikipedia-org-7130 58 16 organisation organisation NN en-wikipedia-org-7130 58 17 and and CC en-wikipedia-org-7130 58 18 public public JJ en-wikipedia-org-7130 58 19 finance finance NN en-wikipedia-org-7130 58 20 to to IN en-wikipedia-org-7130 58 21 macroeconomics macroeconomic NNS en-wikipedia-org-7130 58 22 and and CC en-wikipedia-org-7130 58 23 contract contract NN en-wikipedia-org-7130 58 24 theory theory NN en-wikipedia-org-7130 58 25 . . . en-wikipedia-org-7130 59 1 Criticism[edit criticism[edit LS en-wikipedia-org-7130 59 2 ] ] -RRB- en-wikipedia-org-7130 59 3 Libertarians Libertarians NNPS en-wikipedia-org-7130 59 4 , , , en-wikipedia-org-7130 59 5 like like IN en-wikipedia-org-7130 59 6 William William NNP en-wikipedia-org-7130 59 7 L. L. NNP en-wikipedia-org-7130 59 8 Anderson Anderson NNP en-wikipedia-org-7130 59 9 , , , en-wikipedia-org-7130 59 10 oppose oppose VBP en-wikipedia-org-7130 59 11 the the DT en-wikipedia-org-7130 59 12 regulatory regulatory JJ en-wikipedia-org-7130 59 13 approach approach NN en-wikipedia-org-7130 59 14 proposed propose VBN en-wikipedia-org-7130 59 15 by by IN en-wikipedia-org-7130 59 16 the the DT en-wikipedia-org-7130 59 17 authors author NNS en-wikipedia-org-7130 59 18 of of IN en-wikipedia-org-7130 59 19 the the DT en-wikipedia-org-7130 59 20 paper paper NN en-wikipedia-org-7130 59 21 , , , en-wikipedia-org-7130 59 22 observing observe VBG en-wikipedia-org-7130 59 23 that that IN en-wikipedia-org-7130 59 24 some some DT en-wikipedia-org-7130 59 25 used use VBN en-wikipedia-org-7130 59 26 - - HYPH en-wikipedia-org-7130 59 27 car car NN en-wikipedia-org-7130 59 28 markets market NNS en-wikipedia-org-7130 59 29 have have VBP en-wikipedia-org-7130 59 30 n't not RB en-wikipedia-org-7130 59 31 broken break VBN en-wikipedia-org-7130 59 32 down down RP en-wikipedia-org-7130 59 33 even even RB en-wikipedia-org-7130 59 34 without without IN en-wikipedia-org-7130 59 35 lemon lemon NN en-wikipedia-org-7130 59 36 legislation legislation NN en-wikipedia-org-7130 59 37 and and CC en-wikipedia-org-7130 59 38 that that IN en-wikipedia-org-7130 59 39 the the DT en-wikipedia-org-7130 59 40 lemon lemon NN en-wikipedia-org-7130 59 41 problem problem NN en-wikipedia-org-7130 59 42 creates create VBZ en-wikipedia-org-7130 59 43 entrepreneurial entrepreneurial JJ en-wikipedia-org-7130 59 44 opportunities opportunity NNS en-wikipedia-org-7130 59 45 for for IN en-wikipedia-org-7130 59 46 alternative alternative JJ en-wikipedia-org-7130 59 47 marketplaces marketplace NNS en-wikipedia-org-7130 59 48 or or CC en-wikipedia-org-7130 59 49 customers customer NNS en-wikipedia-org-7130 59 50 ' ' POS en-wikipedia-org-7130 59 51 knowledgeable knowledgeable JJ en-wikipedia-org-7130 59 52 friends friend NNS en-wikipedia-org-7130 59 53 . . . en-wikipedia-org-7130 60 1 [ [ -LRB- en-wikipedia-org-7130 60 2 9 9 CD en-wikipedia-org-7130 60 3 ] ] -RRB- en-wikipedia-org-7130 60 4 Conditions condition NNS en-wikipedia-org-7130 60 5 for for IN en-wikipedia-org-7130 60 6 a a DT en-wikipedia-org-7130 60 7 lemon lemon NN en-wikipedia-org-7130 60 8 market[edit market[edit , en-wikipedia-org-7130 60 9 ] ] -RRB- en-wikipedia-org-7130 60 10 A a DT en-wikipedia-org-7130 60 11 lemon lemon NN en-wikipedia-org-7130 60 12 market market NN en-wikipedia-org-7130 60 13 will will MD en-wikipedia-org-7130 60 14 be be VB en-wikipedia-org-7130 60 15 produced produce VBN en-wikipedia-org-7130 60 16 by by IN en-wikipedia-org-7130 60 17 the the DT en-wikipedia-org-7130 60 18 following follow VBG en-wikipedia-org-7130 60 19 : : : en-wikipedia-org-7130 60 20 Asymmetry asymmetry NN en-wikipedia-org-7130 60 21 of of IN en-wikipedia-org-7130 60 22 information information NN en-wikipedia-org-7130 60 23 , , , en-wikipedia-org-7130 60 24 in in IN en-wikipedia-org-7130 60 25 which which WDT en-wikipedia-org-7130 60 26 no no DT en-wikipedia-org-7130 60 27 buyers buyer NNS en-wikipedia-org-7130 60 28 can can MD en-wikipedia-org-7130 60 29 accurately accurately RB en-wikipedia-org-7130 60 30 assess assess VB en-wikipedia-org-7130 60 31 the the DT en-wikipedia-org-7130 60 32 value value NN en-wikipedia-org-7130 60 33 of of IN en-wikipedia-org-7130 60 34 a a DT en-wikipedia-org-7130 60 35 product product NN en-wikipedia-org-7130 60 36 through through IN en-wikipedia-org-7130 60 37 examination examination NN en-wikipedia-org-7130 60 38 before before IN en-wikipedia-org-7130 60 39 sale sale NN en-wikipedia-org-7130 60 40 is be VBZ en-wikipedia-org-7130 60 41 made make VBN en-wikipedia-org-7130 60 42 and and CC en-wikipedia-org-7130 60 43 all all DT en-wikipedia-org-7130 60 44 sellers seller NNS en-wikipedia-org-7130 60 45 can can MD en-wikipedia-org-7130 60 46 more more RBR en-wikipedia-org-7130 60 47 accurately accurately RB en-wikipedia-org-7130 60 48 assess assess VB en-wikipedia-org-7130 60 49 the the DT en-wikipedia-org-7130 60 50 value value NN en-wikipedia-org-7130 60 51 of of IN en-wikipedia-org-7130 60 52 a a DT en-wikipedia-org-7130 60 53 product product NN en-wikipedia-org-7130 60 54 prior prior RB en-wikipedia-org-7130 60 55 to to IN en-wikipedia-org-7130 60 56 sale sale NN en-wikipedia-org-7130 60 57 An an DT en-wikipedia-org-7130 60 58 incentive incentive NN en-wikipedia-org-7130 60 59 exists exist VBZ en-wikipedia-org-7130 60 60 for for IN en-wikipedia-org-7130 60 61 the the DT en-wikipedia-org-7130 60 62 seller seller NN en-wikipedia-org-7130 60 63 to to TO en-wikipedia-org-7130 60 64 pass pass VB en-wikipedia-org-7130 60 65 off off RP en-wikipedia-org-7130 60 66 a a DT en-wikipedia-org-7130 60 67 low low JJ en-wikipedia-org-7130 60 68 - - HYPH en-wikipedia-org-7130 60 69 quality quality NN en-wikipedia-org-7130 60 70 product product NN en-wikipedia-org-7130 60 71 as as IN en-wikipedia-org-7130 60 72 a a DT en-wikipedia-org-7130 60 73 higher high JJR en-wikipedia-org-7130 60 74 - - HYPH en-wikipedia-org-7130 60 75 quality quality NN en-wikipedia-org-7130 60 76 one one NN en-wikipedia-org-7130 60 77 Sellers seller NNS en-wikipedia-org-7130 60 78 have have VBP en-wikipedia-org-7130 60 79 no no DT en-wikipedia-org-7130 60 80 credible credible JJ en-wikipedia-org-7130 60 81 disclosure disclosure NN en-wikipedia-org-7130 60 82 technology technology NN en-wikipedia-org-7130 60 83 ( ( -LRB- en-wikipedia-org-7130 60 84 sellers seller NNS en-wikipedia-org-7130 60 85 with with IN en-wikipedia-org-7130 60 86 a a DT en-wikipedia-org-7130 60 87 great great JJ en-wikipedia-org-7130 60 88 car car NN en-wikipedia-org-7130 60 89 have have VBP en-wikipedia-org-7130 60 90 no no DT en-wikipedia-org-7130 60 91 way way NN en-wikipedia-org-7130 60 92 to to TO en-wikipedia-org-7130 60 93 disclose disclose VB en-wikipedia-org-7130 60 94 this this DT en-wikipedia-org-7130 60 95 credibly credibly RB en-wikipedia-org-7130 60 96 to to IN en-wikipedia-org-7130 60 97 buyers buyer NNS en-wikipedia-org-7130 60 98 ) ) -RRB- en-wikipedia-org-7130 60 99 Either either CC en-wikipedia-org-7130 60 100 a a DT en-wikipedia-org-7130 60 101 continuum continuum NN en-wikipedia-org-7130 60 102 of of IN en-wikipedia-org-7130 60 103 seller seller NN en-wikipedia-org-7130 60 104 qualities quality NNS en-wikipedia-org-7130 60 105 exists exist VBZ en-wikipedia-org-7130 60 106 or or CC en-wikipedia-org-7130 60 107 the the DT en-wikipedia-org-7130 60 108 average average JJ en-wikipedia-org-7130 60 109 seller seller NN en-wikipedia-org-7130 60 110 type type NN en-wikipedia-org-7130 60 111 is be VBZ en-wikipedia-org-7130 60 112 sufficiently sufficiently RB en-wikipedia-org-7130 60 113 low low JJ en-wikipedia-org-7130 60 114 ( ( -LRB- en-wikipedia-org-7130 60 115 buyers buyer NNS en-wikipedia-org-7130 60 116 are be VBP en-wikipedia-org-7130 60 117 sufficiently sufficiently RB en-wikipedia-org-7130 60 118 pessimistic pessimistic JJ en-wikipedia-org-7130 60 119 about about IN en-wikipedia-org-7130 60 120 the the DT en-wikipedia-org-7130 60 121 seller seller NN en-wikipedia-org-7130 60 122 's 's POS en-wikipedia-org-7130 60 123 quality quality NN en-wikipedia-org-7130 60 124 ) ) -RRB- en-wikipedia-org-7130 60 125 Deficiency deficiency NN en-wikipedia-org-7130 60 126 of of IN en-wikipedia-org-7130 60 127 effective effective JJ en-wikipedia-org-7130 60 128 public public JJ en-wikipedia-org-7130 60 129 quality quality NN en-wikipedia-org-7130 60 130 assurances assurance NNS en-wikipedia-org-7130 60 131 ( ( -LRB- en-wikipedia-org-7130 60 132 by by IN en-wikipedia-org-7130 60 133 reputation reputation NN en-wikipedia-org-7130 60 134 or or CC en-wikipedia-org-7130 60 135 regulation regulation NN en-wikipedia-org-7130 60 136 and/or and/or CC en-wikipedia-org-7130 60 137 of of IN en-wikipedia-org-7130 60 138 effective effective JJ en-wikipedia-org-7130 60 139 guarantees guarantee NNS en-wikipedia-org-7130 60 140 / / SYM en-wikipedia-org-7130 60 141 warranties warranty NNS en-wikipedia-org-7130 60 142 ) ) -RRB- en-wikipedia-org-7130 60 143 A a DT en-wikipedia-org-7130 60 144 more more RBR en-wikipedia-org-7130 60 145 general general JJ en-wikipedia-org-7130 60 146 mathematical mathematical JJ en-wikipedia-org-7130 60 147 model model NN en-wikipedia-org-7130 60 148 of of IN en-wikipedia-org-7130 60 149 market market NN en-wikipedia-org-7130 60 150 collapse[edit collapse[edit NN en-wikipedia-org-7130 60 151 ] ] -RRB- en-wikipedia-org-7130 60 152 It -PRON- PRP en-wikipedia-org-7130 60 153 is be VBZ en-wikipedia-org-7130 60 154 possible possible JJ en-wikipedia-org-7130 60 155 to to TO en-wikipedia-org-7130 60 156 generalize generalize VB en-wikipedia-org-7130 60 157 the the DT en-wikipedia-org-7130 60 158 reasoning reasoning NN en-wikipedia-org-7130 60 159 in in IN en-wikipedia-org-7130 60 160 Akerlof Akerlof NNP en-wikipedia-org-7130 60 161 's 's POS en-wikipedia-org-7130 60 162 paper paper NN en-wikipedia-org-7130 60 163 . . . en-wikipedia-org-7130 61 1 [ [ -LRB- en-wikipedia-org-7130 61 2 10 10 CD en-wikipedia-org-7130 61 3 ] ] -RRB- en-wikipedia-org-7130 61 4 Suppose suppose VB en-wikipedia-org-7130 61 5 that that IN en-wikipedia-org-7130 61 6 there there EX en-wikipedia-org-7130 61 7 are be VBP en-wikipedia-org-7130 61 8 two two CD en-wikipedia-org-7130 61 9 populations population NNS en-wikipedia-org-7130 61 10 of of IN en-wikipedia-org-7130 61 11 cars car NNS en-wikipedia-org-7130 61 12 : : : en-wikipedia-org-7130 61 13 the the DT en-wikipedia-org-7130 61 14 peaches peach NNS en-wikipedia-org-7130 61 15 P p NN en-wikipedia-org-7130 61 16 { { -LRB- en-wikipedia-org-7130 61 17 \displaystyle \displaystyle CD en-wikipedia-org-7130 61 18 { { -LRB- en-wikipedia-org-7130 61 19 \mathcal \mathcal CD en-wikipedia-org-7130 61 20 { { -LRB- en-wikipedia-org-7130 61 21 P p NN en-wikipedia-org-7130 61 22 } } -RRB- en-wikipedia-org-7130 61 23 } } -RRB- en-wikipedia-org-7130 61 24 } } -RRB- en-wikipedia-org-7130 61 25 and and CC en-wikipedia-org-7130 61 26 the the DT en-wikipedia-org-7130 61 27 lemons lemon NNS en-wikipedia-org-7130 61 28 L L NNP en-wikipedia-org-7130 61 29 { { -LRB- en-wikipedia-org-7130 61 30 \displaystyle \displaystyle CD en-wikipedia-org-7130 61 31 { { -LRB- en-wikipedia-org-7130 61 32 \mathcal \mathcal NNP en-wikipedia-org-7130 61 33 { { -LRB- en-wikipedia-org-7130 61 34 L l NN en-wikipedia-org-7130 61 35 } } -RRB- en-wikipedia-org-7130 61 36 } } -RRB- en-wikipedia-org-7130 61 37 } } -RRB- en-wikipedia-org-7130 61 38 , , , en-wikipedia-org-7130 61 39 where where WRB en-wikipedia-org-7130 61 40 we -PRON- PRP en-wikipedia-org-7130 61 41 assume assume VBP en-wikipedia-org-7130 61 42 that that IN en-wikipedia-org-7130 61 43 the the DT en-wikipedia-org-7130 61 44 quality quality NN en-wikipedia-org-7130 61 45 μ μ NNP en-wikipedia-org-7130 61 46 ( ( -LRB- en-wikipedia-org-7130 61 47 ⋅ ⋅ NNP en-wikipedia-org-7130 61 48 ) ) -RRB- en-wikipedia-org-7130 61 49 { { -LRB- en-wikipedia-org-7130 61 50 \displaystyle \displaystyle CD en-wikipedia-org-7130 61 51 \mu \mu NN en-wikipedia-org-7130 61 52 ( ( -LRB- en-wikipedia-org-7130 61 53 \cdot \cdot CD en-wikipedia-org-7130 61 54 ) ) -RRB- en-wikipedia-org-7130 61 55 } } -RRB- en-wikipedia-org-7130 61 56 of of IN en-wikipedia-org-7130 61 57 peaches peach NNS en-wikipedia-org-7130 61 58 is be VBZ en-wikipedia-org-7130 61 59 always always RB en-wikipedia-org-7130 61 60 greater great JJR en-wikipedia-org-7130 61 61 than than IN en-wikipedia-org-7130 61 62 the the DT en-wikipedia-org-7130 61 63 quality quality NN en-wikipedia-org-7130 61 64 of of IN en-wikipedia-org-7130 61 65 lemons lemon NNS en-wikipedia-org-7130 61 66 : : . en-wikipedia-org-7130 61 67 μ μ NNP en-wikipedia-org-7130 61 68 ( ( -LRB- en-wikipedia-org-7130 61 69 ρ ρ NN en-wikipedia-org-7130 61 70 ) ) -RRB- en-wikipedia-org-7130 61 71 > > XX en-wikipedia-org-7130 61 72 μ μ FW en-wikipedia-org-7130 61 73 ( ( -LRB- en-wikipedia-org-7130 61 74 ℓ ℓ NNP en-wikipedia-org-7130 61 75 ) ) -RRB- en-wikipedia-org-7130 61 76 , , , en-wikipedia-org-7130 61 77 ∀ ∀ NNP en-wikipedia-org-7130 61 78 ρ ρ IN en-wikipedia-org-7130 61 79 ∈ ∈ NNP en-wikipedia-org-7130 61 80 P P NNP en-wikipedia-org-7130 61 81 , , , en-wikipedia-org-7130 61 82 ℓ ℓ NNP en-wikipedia-org-7130 61 83 ∈ ∈ NNP en-wikipedia-org-7130 61 84 L L NNP en-wikipedia-org-7130 61 85 { { -LRB- en-wikipedia-org-7130 61 86 \displaystyle \displaystyle CD en-wikipedia-org-7130 61 87 \mu \mu NN en-wikipedia-org-7130 61 88 ( ( -LRB- en-wikipedia-org-7130 61 89 \rho \rho NFP en-wikipedia-org-7130 61 90 ) ) -RRB- en-wikipedia-org-7130 61 91 > > XX en-wikipedia-org-7130 61 92 \mu \mu NNS en-wikipedia-org-7130 61 93 ( ( -LRB- en-wikipedia-org-7130 61 94 \ell \ell CD en-wikipedia-org-7130 61 95 ) ) -RRB- en-wikipedia-org-7130 61 96 , , , en-wikipedia-org-7130 61 97 \quad \quad CD en-wikipedia-org-7130 61 98 \forall \forall CD en-wikipedia-org-7130 61 99 \rho \rho CD en-wikipedia-org-7130 61 100 \in \in NNP en-wikipedia-org-7130 61 101 { { -LRB- en-wikipedia-org-7130 61 102 \mathcal \mathcal NNP en-wikipedia-org-7130 61 103 { { -LRB- en-wikipedia-org-7130 61 104 P}},\;\ell P}},\;\ell NNP en-wikipedia-org-7130 61 105 \in \in NNP en-wikipedia-org-7130 61 106 { { -LRB- en-wikipedia-org-7130 61 107 \mathcal \mathcal NNP en-wikipedia-org-7130 61 108 { { -LRB- en-wikipedia-org-7130 61 109 L l NN en-wikipedia-org-7130 61 110 } } -RRB- en-wikipedia-org-7130 61 111 } } -RRB- en-wikipedia-org-7130 61 112 } } -RRB- en-wikipedia-org-7130 61 113 Accordingly accordingly RB en-wikipedia-org-7130 61 114 , , , en-wikipedia-org-7130 61 115 the the DT en-wikipedia-org-7130 61 116 utility utility NN en-wikipedia-org-7130 61 117 U U NNP en-wikipedia-org-7130 61 118 ( ( -LRB- en-wikipedia-org-7130 61 119 ⋅ ⋅ NNP en-wikipedia-org-7130 61 120 ) ) -RRB- en-wikipedia-org-7130 61 121 { { -LRB- en-wikipedia-org-7130 61 122 \displaystyle \displaystyle CD en-wikipedia-org-7130 61 123 U(\cdot U(\cdot NNP en-wikipedia-org-7130 61 124 ) ) -RRB- en-wikipedia-org-7130 61 125 } } -RRB- en-wikipedia-org-7130 61 126 and and CC en-wikipedia-org-7130 61 127 the the DT en-wikipedia-org-7130 61 128 price price NN en-wikipedia-org-7130 61 129 p p NN en-wikipedia-org-7130 61 130 { { -LRB- en-wikipedia-org-7130 61 131 \displaystyle \displaystyle CD en-wikipedia-org-7130 61 132 p p NN en-wikipedia-org-7130 61 133 } } -RRB- en-wikipedia-org-7130 61 134 of of IN en-wikipedia-org-7130 61 135 the the DT en-wikipedia-org-7130 61 136 peaches peach NNS en-wikipedia-org-7130 61 137 will will MD en-wikipedia-org-7130 61 138 also also RB en-wikipedia-org-7130 61 139 always always RB en-wikipedia-org-7130 61 140 be be VB en-wikipedia-org-7130 61 141 greater great JJR en-wikipedia-org-7130 61 142 than than IN en-wikipedia-org-7130 61 143 that that DT en-wikipedia-org-7130 61 144 of of IN en-wikipedia-org-7130 61 145 the the DT en-wikipedia-org-7130 61 146 lemons lemon NNS en-wikipedia-org-7130 61 147 . . . en-wikipedia-org-7130 62 1 Let let VB en-wikipedia-org-7130 62 2 η η PRP en-wikipedia-org-7130 62 3 { { -LRB- en-wikipedia-org-7130 62 4 \displaystyle \displaystyle CD en-wikipedia-org-7130 62 5 \eta \eta NFP en-wikipedia-org-7130 62 6 } } -RRB- en-wikipedia-org-7130 62 7 be be VB en-wikipedia-org-7130 62 8 the the DT en-wikipedia-org-7130 62 9 probability probability NN en-wikipedia-org-7130 62 10 of of IN en-wikipedia-org-7130 62 11 a a DT en-wikipedia-org-7130 62 12 buyer buyer NN en-wikipedia-org-7130 62 13 encountering encounter VBG en-wikipedia-org-7130 62 14 a a DT en-wikipedia-org-7130 62 15 peach peach NN en-wikipedia-org-7130 62 16 in in IN en-wikipedia-org-7130 62 17 the the DT en-wikipedia-org-7130 62 18 used use VBN en-wikipedia-org-7130 62 19 car car NN en-wikipedia-org-7130 62 20 market market NN en-wikipedia-org-7130 62 21 . . . en-wikipedia-org-7130 63 1 Then then RB en-wikipedia-org-7130 63 2 the the DT en-wikipedia-org-7130 63 3 expected expect VBN en-wikipedia-org-7130 63 4 utility utility NN en-wikipedia-org-7130 63 5 for for IN en-wikipedia-org-7130 63 6 the the DT en-wikipedia-org-7130 63 7 buyer buyer NN en-wikipedia-org-7130 63 8 U u NN en-wikipedia-org-7130 63 9 e e NN en-wikipedia-org-7130 63 10 { { -LRB- en-wikipedia-org-7130 63 11 \displaystyle \displaystyle CD en-wikipedia-org-7130 63 12 U_{e U_{e NNP en-wikipedia-org-7130 63 13 } } -RRB- en-wikipedia-org-7130 63 14 } } -RRB- en-wikipedia-org-7130 63 15 from from IN en-wikipedia-org-7130 63 16 purchasing purchase VBG en-wikipedia-org-7130 63 17 a a DT en-wikipedia-org-7130 63 18 used use VBN en-wikipedia-org-7130 63 19 car car NN en-wikipedia-org-7130 63 20 is be VBZ en-wikipedia-org-7130 63 21 : : : en-wikipedia-org-7130 63 22 U U NNP en-wikipedia-org-7130 63 23 e e NN en-wikipedia-org-7130 63 24 = = NN en-wikipedia-org-7130 63 25 η η NN en-wikipedia-org-7130 63 26 U u NN en-wikipedia-org-7130 63 27 ( ( -LRB- en-wikipedia-org-7130 63 28 ρ ρ NNP en-wikipedia-org-7130 63 29 ¯ ¯ NNP en-wikipedia-org-7130 63 30 ) ) -RRB- en-wikipedia-org-7130 63 31 + + NFP en-wikipedia-org-7130 63 32 ( ( -LRB- en-wikipedia-org-7130 63 33 1 1 CD en-wikipedia-org-7130 63 34 − − NNP en-wikipedia-org-7130 63 35 η η NN en-wikipedia-org-7130 63 36 ) ) -RRB- en-wikipedia-org-7130 63 37 U U NNP en-wikipedia-org-7130 63 38 ( ( -LRB- en-wikipedia-org-7130 63 39 ℓ ℓ NNP en-wikipedia-org-7130 63 40 ¯ ¯ NNP en-wikipedia-org-7130 63 41 ) ) -RRB- en-wikipedia-org-7130 63 42 , , , en-wikipedia-org-7130 63 43 U u NN en-wikipedia-org-7130 63 44 ′ ′ NNP en-wikipedia-org-7130 63 45 ( ( -LRB- en-wikipedia-org-7130 63 46 ⋅ ⋅ NNP en-wikipedia-org-7130 63 47 ) ) -RRB- en-wikipedia-org-7130 63 48 > > XX en-wikipedia-org-7130 63 49 0 0 NFP en-wikipedia-org-7130 63 50 , , , en-wikipedia-org-7130 63 51 U U NNP en-wikipedia-org-7130 63 52 ″ ″ NNP en-wikipedia-org-7130 63 53 ( ( -LRB- en-wikipedia-org-7130 63 54 ⋅ ⋅ NNP en-wikipedia-org-7130 63 55 ) ) -RRB- en-wikipedia-org-7130 63 56 < < XX en-wikipedia-org-7130 63 57 0 0 NFP en-wikipedia-org-7130 63 58 { { -LRB- en-wikipedia-org-7130 63 59 \displaystyle \displaystyle CD en-wikipedia-org-7130 63 60 U_{e}=\eta u_{e}=\eta JJ en-wikipedia-org-7130 63 61 U\left({\overline u\left({\overline CD en-wikipedia-org-7130 63 62 { { -LRB- en-wikipedia-org-7130 63 63 \rho \rho NN en-wikipedia-org-7130 63 64 } } -RRB- en-wikipedia-org-7130 63 65 } } -RRB- en-wikipedia-org-7130 63 66 \right)+(1-\eta \right)+(1-\eta NN en-wikipedia-org-7130 63 67 ) ) -RRB- en-wikipedia-org-7130 63 68 U\left({\overline u\left({\overline CD en-wikipedia-org-7130 63 69 { { -LRB- en-wikipedia-org-7130 63 70 \ell \ell CD en-wikipedia-org-7130 63 71 } } -RRB- en-wikipedia-org-7130 63 72 } } -RRB- en-wikipedia-org-7130 63 73 \right),\quad \right),\quad NNP en-wikipedia-org-7130 63 74 U'(\cdot U'(\cdot NFP en-wikipedia-org-7130 63 75 ) ) -RRB- en-wikipedia-org-7130 63 76 > > XX en-wikipedia-org-7130 63 77 0,\;U''(\cdot 0,\;u''(\cdot CD en-wikipedia-org-7130 63 78 ) ) -RRB- en-wikipedia-org-7130 63 79 < < XX en-wikipedia-org-7130 63 80 0 0 NFP en-wikipedia-org-7130 63 81 } } -RRB- en-wikipedia-org-7130 63 82 where where WRB en-wikipedia-org-7130 63 83 ρ ρ NN en-wikipedia-org-7130 63 84 ¯ ¯ NFP en-wikipedia-org-7130 63 85 { { -LRB- en-wikipedia-org-7130 63 86 \displaystyle \displaystyle CD en-wikipedia-org-7130 63 87 { { -LRB- en-wikipedia-org-7130 63 88 \overline \overline CD en-wikipedia-org-7130 63 89 { { -LRB- en-wikipedia-org-7130 63 90 \rho \rho NN en-wikipedia-org-7130 63 91 } } -RRB- en-wikipedia-org-7130 63 92 } } -RRB- en-wikipedia-org-7130 63 93 } } -RRB- en-wikipedia-org-7130 63 94 and and CC en-wikipedia-org-7130 63 95 ℓ ℓ NN en-wikipedia-org-7130 63 96 ¯ ¯ NN en-wikipedia-org-7130 63 97 { { -LRB- en-wikipedia-org-7130 63 98 \displaystyle \displaystyle CD en-wikipedia-org-7130 63 99 { { -LRB- en-wikipedia-org-7130 63 100 \overline \overline CD en-wikipedia-org-7130 63 101 { { -LRB- en-wikipedia-org-7130 63 102 \ell \ell CD en-wikipedia-org-7130 63 103 } } -RRB- en-wikipedia-org-7130 63 104 } } -RRB- en-wikipedia-org-7130 63 105 } } -RRB- en-wikipedia-org-7130 63 106 represent represent VB en-wikipedia-org-7130 63 107 the the DT en-wikipedia-org-7130 63 108 mean mean NNP en-wikipedia-org-7130 63 109 peach peach NN en-wikipedia-org-7130 63 110 and and CC en-wikipedia-org-7130 63 111 lemon lemon NN en-wikipedia-org-7130 63 112 respectively respectively RB en-wikipedia-org-7130 63 113 . . . en-wikipedia-org-7130 64 1 The the DT en-wikipedia-org-7130 64 2 expected expected JJ en-wikipedia-org-7130 64 3 utility utility NN en-wikipedia-org-7130 64 4 for for IN en-wikipedia-org-7130 64 5 the the DT en-wikipedia-org-7130 64 6 buyer buyer NN en-wikipedia-org-7130 64 7 will will MD en-wikipedia-org-7130 64 8 always always RB en-wikipedia-org-7130 64 9 increase increase VB en-wikipedia-org-7130 64 10 - - : en-wikipedia-org-7130 64 11 for for IN en-wikipedia-org-7130 64 12 a a DT en-wikipedia-org-7130 64 13 monotonic monotonic JJ en-wikipedia-org-7130 64 14 , , , en-wikipedia-org-7130 64 15 positive positive JJ en-wikipedia-org-7130 64 16 utility utility NN en-wikipedia-org-7130 64 17 function function NN en-wikipedia-org-7130 64 18 - - : en-wikipedia-org-7130 64 19 as as IN en-wikipedia-org-7130 64 20 the the DT en-wikipedia-org-7130 64 21 probability probability NN en-wikipedia-org-7130 64 22 of of IN en-wikipedia-org-7130 64 23 encountering encounter VBG en-wikipedia-org-7130 64 24 a a DT en-wikipedia-org-7130 64 25 peach peach JJ en-wikipedia-org-7130 64 26 increases increase NNS en-wikipedia-org-7130 64 27 . . . en-wikipedia-org-7130 65 1 ∂ ∂ NNP en-wikipedia-org-7130 65 2 U U NNP en-wikipedia-org-7130 65 3 e e NNP en-wikipedia-org-7130 65 4 ∂ ∂ NN en-wikipedia-org-7130 65 5 η η NN en-wikipedia-org-7130 65 6 = = SYM en-wikipedia-org-7130 65 7 U u NN en-wikipedia-org-7130 65 8 ( ( -LRB- en-wikipedia-org-7130 65 9 ρ ρ NN en-wikipedia-org-7130 65 10 ¯ ¯ XX en-wikipedia-org-7130 65 11 ) ) -RRB- en-wikipedia-org-7130 65 12 − − NNP en-wikipedia-org-7130 65 13 U U NNP en-wikipedia-org-7130 65 14 ( ( -LRB- en-wikipedia-org-7130 65 15 ℓ ℓ NNP en-wikipedia-org-7130 65 16 ¯ ¯ XX en-wikipedia-org-7130 65 17 ) ) -RRB- en-wikipedia-org-7130 65 18 > > XX en-wikipedia-org-7130 65 19 0 0 NFP en-wikipedia-org-7130 65 20 { { -LRB- en-wikipedia-org-7130 65 21 \displaystyle \displaystyle CD en-wikipedia-org-7130 65 22 { { -LRB- en-wikipedia-org-7130 65 23 \partial \partial CD en-wikipedia-org-7130 65 24 U_{e U_{e NNP en-wikipedia-org-7130 65 25 } } -RRB- en-wikipedia-org-7130 65 26 \over \over CD en-wikipedia-org-7130 65 27 { { -LRB- en-wikipedia-org-7130 65 28 \partial \partial CD en-wikipedia-org-7130 65 29 \eta \eta NN en-wikipedia-org-7130 65 30 } } -RRB- en-wikipedia-org-7130 65 31 } } -RRB- en-wikipedia-org-7130 65 32 = = NFP en-wikipedia-org-7130 65 33 U\left({\overline u\left({\overline VB en-wikipedia-org-7130 65 34 { { -LRB- en-wikipedia-org-7130 65 35 \rho \rho NN en-wikipedia-org-7130 65 36 } } -RRB- en-wikipedia-org-7130 65 37 } } -RRB- en-wikipedia-org-7130 65 38 \right)-U\left({\overline \right)-u\left({\overline UH en-wikipedia-org-7130 65 39 { { -LRB- en-wikipedia-org-7130 65 40 \ell \ell CD en-wikipedia-org-7130 65 41 } } -RRB- en-wikipedia-org-7130 65 42 } } -RRB- en-wikipedia-org-7130 65 43 \right)>0 \right)>0 CD en-wikipedia-org-7130 65 44 } } -RRB- en-wikipedia-org-7130 65 45 Furthermore furthermore RB en-wikipedia-org-7130 65 46 , , , en-wikipedia-org-7130 65 47 the the DT en-wikipedia-org-7130 65 48 equation equation NN en-wikipedia-org-7130 65 49 for for IN en-wikipedia-org-7130 65 50 a a DT en-wikipedia-org-7130 65 51 buyer buyer NN en-wikipedia-org-7130 65 52 's 's POS en-wikipedia-org-7130 65 53 expected expect VBN en-wikipedia-org-7130 65 54 utility utility NN en-wikipedia-org-7130 65 55 implies imply VBZ en-wikipedia-org-7130 65 56 that that IN en-wikipedia-org-7130 65 57 the the DT en-wikipedia-org-7130 65 58 equilibrium equilibrium NN en-wikipedia-org-7130 65 59 price price NN en-wikipedia-org-7130 65 60 in in IN en-wikipedia-org-7130 65 61 an an DT en-wikipedia-org-7130 65 62 informationally informationally RB en-wikipedia-org-7130 65 63 symmetric symmetric JJ en-wikipedia-org-7130 65 64 market market NN en-wikipedia-org-7130 65 65 is be VBZ en-wikipedia-org-7130 65 66 : : : en-wikipedia-org-7130 65 67 p p LS en-wikipedia-org-7130 65 68 sym sym NNP en-wikipedia-org-7130 65 69 ∗ ∗ NNP en-wikipedia-org-7130 65 70 = = NFP en-wikipedia-org-7130 65 71 η η NN en-wikipedia-org-7130 65 72 U u NN en-wikipedia-org-7130 65 73 ( ( -LRB- en-wikipedia-org-7130 65 74 ρ ρ NNP en-wikipedia-org-7130 65 75 ¯ ¯ NNP en-wikipedia-org-7130 65 76 ) ) -RRB- en-wikipedia-org-7130 65 77 + + NFP en-wikipedia-org-7130 65 78 ( ( -LRB- en-wikipedia-org-7130 65 79 1 1 CD en-wikipedia-org-7130 65 80 − − NNP en-wikipedia-org-7130 65 81 η η NN en-wikipedia-org-7130 65 82 ) ) -RRB- en-wikipedia-org-7130 65 83 U U NNP en-wikipedia-org-7130 65 84 ( ( -LRB- en-wikipedia-org-7130 65 85 ℓ ℓ NNP en-wikipedia-org-7130 65 86 ¯ ¯ XX en-wikipedia-org-7130 65 87 ) ) -RRB- en-wikipedia-org-7130 65 88 { { -LRB- en-wikipedia-org-7130 65 89 \displaystyle \displaystyle CD en-wikipedia-org-7130 65 90 p_{\text{sym}}^{*}=\eta p_{\text{sym}}^{*}=\eta NN en-wikipedia-org-7130 65 91 U\left({\overline u\left({\overline PRP$ en-wikipedia-org-7130 65 92 { { -LRB- en-wikipedia-org-7130 65 93 \rho \rho NN en-wikipedia-org-7130 65 94 } } -RRB- en-wikipedia-org-7130 65 95 } } -RRB- en-wikipedia-org-7130 65 96 \right)+(1-\eta \right)+(1-\eta NN en-wikipedia-org-7130 65 97 ) ) -RRB- en-wikipedia-org-7130 65 98 U\left({\overline u\left({\overline CD en-wikipedia-org-7130 65 99 { { -LRB- en-wikipedia-org-7130 65 100 \ell \ell CD en-wikipedia-org-7130 65 101 } } -RRB- en-wikipedia-org-7130 65 102 } } -RRB- en-wikipedia-org-7130 65 103 \right \right CD en-wikipedia-org-7130 65 104 ) ) -RRB- en-wikipedia-org-7130 65 105 } } -RRB- en-wikipedia-org-7130 65 106 However however RB en-wikipedia-org-7130 65 107 , , , en-wikipedia-org-7130 65 108 the the DT en-wikipedia-org-7130 65 109 used use VBN en-wikipedia-org-7130 65 110 car car NN en-wikipedia-org-7130 65 111 market market NN en-wikipedia-org-7130 65 112 is be VBZ en-wikipedia-org-7130 65 113 not not RB en-wikipedia-org-7130 65 114 a a DT en-wikipedia-org-7130 65 115 symmetric symmetric JJ en-wikipedia-org-7130 65 116 market market NN en-wikipedia-org-7130 65 117 : : : en-wikipedia-org-7130 65 118 the the DT en-wikipedia-org-7130 65 119 sellers seller NNS en-wikipedia-org-7130 65 120 know know VBP en-wikipedia-org-7130 65 121 which which WDT en-wikipedia-org-7130 65 122 cars car NNS en-wikipedia-org-7130 65 123 are be VBP en-wikipedia-org-7130 65 124 peaches peach NNS en-wikipedia-org-7130 65 125 and and CC en-wikipedia-org-7130 65 126 lemons lemon NNS en-wikipedia-org-7130 65 127 , , , en-wikipedia-org-7130 65 128 while while IN en-wikipedia-org-7130 65 129 the the DT en-wikipedia-org-7130 65 130 buyers buyer NNS en-wikipedia-org-7130 65 131 can can MD en-wikipedia-org-7130 65 132 not not RB en-wikipedia-org-7130 65 133 distinguish distinguish VB en-wikipedia-org-7130 65 134 between between IN en-wikipedia-org-7130 65 135 the the DT en-wikipedia-org-7130 65 136 two two CD en-wikipedia-org-7130 65 137 . . . en-wikipedia-org-7130 66 1 Depending depend VBG en-wikipedia-org-7130 66 2 on on IN en-wikipedia-org-7130 66 3 the the DT en-wikipedia-org-7130 66 4 type type NN en-wikipedia-org-7130 66 5 of of IN en-wikipedia-org-7130 66 6 car car NN en-wikipedia-org-7130 66 7 he -PRON- PRP en-wikipedia-org-7130 66 8 owns own VBZ en-wikipedia-org-7130 66 9 , , , en-wikipedia-org-7130 66 10 the the DT en-wikipedia-org-7130 66 11 seller seller NN en-wikipedia-org-7130 66 12 has have VBZ en-wikipedia-org-7130 66 13 a a DT en-wikipedia-org-7130 66 14 differing differing JJ en-wikipedia-org-7130 66 15 decision decision NN en-wikipedia-org-7130 66 16 rule rule NN en-wikipedia-org-7130 66 17 based base VBN en-wikipedia-org-7130 66 18 on on IN en-wikipedia-org-7130 66 19 the the DT en-wikipedia-org-7130 66 20 offer offer NN en-wikipedia-org-7130 66 21 price price NN en-wikipedia-org-7130 66 22 O o NN en-wikipedia-org-7130 66 23 { { -LRB- en-wikipedia-org-7130 66 24 \displaystyle \displaystyle CD en-wikipedia-org-7130 66 25 O o NN en-wikipedia-org-7130 66 26 } } -RRB- en-wikipedia-org-7130 66 27 : : : en-wikipedia-org-7130 66 28 Sell sell VB en-wikipedia-org-7130 66 29 ⟹ ⟹ NNP en-wikipedia-org-7130 66 30 { { -LRB- en-wikipedia-org-7130 66 31 O o UH en-wikipedia-org-7130 66 32 ≥ ≥ NN en-wikipedia-org-7130 66 33 p p NN en-wikipedia-org-7130 66 34 ρ ρ NN en-wikipedia-org-7130 66 35 , , , en-wikipedia-org-7130 66 36 ( ( -LRB- en-wikipedia-org-7130 66 37 Peach peach NN en-wikipedia-org-7130 66 38 ) ) -RRB- en-wikipedia-org-7130 66 39 O o UH en-wikipedia-org-7130 66 40 ≥ ≥ NN en-wikipedia-org-7130 66 41 p p NN en-wikipedia-org-7130 66 42 ℓ ℓ NN en-wikipedia-org-7130 66 43 , , , en-wikipedia-org-7130 66 44 ( ( -LRB- en-wikipedia-org-7130 66 45 Lemon Lemon NNP en-wikipedia-org-7130 66 46 ) ) -RRB- en-wikipedia-org-7130 66 47 { { -LRB- en-wikipedia-org-7130 66 48 \displaystyle \displaystyle CD en-wikipedia-org-7130 66 49 { { -LRB- en-wikipedia-org-7130 66 50 \text{Sell}}\implies \text{Sell}}\implies . en-wikipedia-org-7130 66 51 { { -LRB- en-wikipedia-org-7130 66 52 \begin{cases}O\geq \begin{cases}O\geq NNP en-wikipedia-org-7130 66 53 p_{\rho p_{\rho NNP en-wikipedia-org-7130 66 54 } } -RRB- en-wikipedia-org-7130 66 55 , , , en-wikipedia-org-7130 66 56 \quad \quad CD en-wikipedia-org-7130 66 57 & & CC en-wikipedia-org-7130 66 58 ( ( -LRB- en-wikipedia-org-7130 66 59 { { -LRB- en-wikipedia-org-7130 66 60 \text{Peach}})\\O\geq \text{peach}})\\o\geq NN en-wikipedia-org-7130 66 61 p_{\ell p_{\ell NNP en-wikipedia-org-7130 66 62 } } -RRB- en-wikipedia-org-7130 66 63 , , , en-wikipedia-org-7130 66 64 \quad \quad CD en-wikipedia-org-7130 66 65 & & CC en-wikipedia-org-7130 66 66 ( ( -LRB- en-wikipedia-org-7130 66 67 { { -LRB- en-wikipedia-org-7130 66 68 \text{Lemon}})\end{cases \text{Lemon}})\end{cases NFP en-wikipedia-org-7130 66 69 } } -RRB- en-wikipedia-org-7130 66 70 } } -RRB- en-wikipedia-org-7130 66 71 } } -RRB- en-wikipedia-org-7130 66 72 with with IN en-wikipedia-org-7130 66 73 p p NN en-wikipedia-org-7130 66 74 ρ ρ NN en-wikipedia-org-7130 66 75 > > XX en-wikipedia-org-7130 66 76 p p NN en-wikipedia-org-7130 66 77 ℓ ℓ NN en-wikipedia-org-7130 66 78 { { -LRB- en-wikipedia-org-7130 66 79 \displaystyle \displaystyle CD en-wikipedia-org-7130 66 80 p_{\rho p_{\rho NNP en-wikipedia-org-7130 66 81 } } -RRB- en-wikipedia-org-7130 66 82 > > NFP en-wikipedia-org-7130 66 83 p_{\ell p_{\ell NNP en-wikipedia-org-7130 66 84 } } -RRB- en-wikipedia-org-7130 66 85 } } -RRB- en-wikipedia-org-7130 66 86 by by IN en-wikipedia-org-7130 66 87 definition definition NN en-wikipedia-org-7130 66 88 . . . en-wikipedia-org-7130 67 1 It -PRON- PRP en-wikipedia-org-7130 67 2 is be VBZ en-wikipedia-org-7130 67 3 also also RB en-wikipedia-org-7130 67 4 assumed assume VBN en-wikipedia-org-7130 67 5 that that IN en-wikipedia-org-7130 67 6 , , , en-wikipedia-org-7130 67 7 for for IN en-wikipedia-org-7130 67 8 both both DT en-wikipedia-org-7130 67 9 peaches peach NNS en-wikipedia-org-7130 67 10 and and CC en-wikipedia-org-7130 67 11 lemons lemon NNS en-wikipedia-org-7130 67 12 , , , en-wikipedia-org-7130 67 13 sellers seller NNS en-wikipedia-org-7130 67 14 are be VBP en-wikipedia-org-7130 67 15 willing willing JJ en-wikipedia-org-7130 67 16 to to TO en-wikipedia-org-7130 67 17 accept accept VB en-wikipedia-org-7130 67 18 a a DT en-wikipedia-org-7130 67 19 price price NN en-wikipedia-org-7130 67 20 lower low JJR en-wikipedia-org-7130 67 21 than than IN en-wikipedia-org-7130 67 22 the the DT en-wikipedia-org-7130 67 23 full full JJ en-wikipedia-org-7130 67 24 value value NN en-wikipedia-org-7130 67 25 of of IN en-wikipedia-org-7130 67 26 the the DT en-wikipedia-org-7130 67 27 car car NN en-wikipedia-org-7130 67 28 : : : en-wikipedia-org-7130 67 29 p p LS en-wikipedia-org-7130 67 30 ℓ ℓ XX en-wikipedia-org-7130 67 31 < < XX en-wikipedia-org-7130 67 32 U U NNP en-wikipedia-org-7130 67 33 ( ( -LRB- en-wikipedia-org-7130 67 34 ℓ ℓ NNP en-wikipedia-org-7130 67 35 ¯ ¯ NNP en-wikipedia-org-7130 67 36 ) ) -RRB- en-wikipedia-org-7130 67 37 < < XX en-wikipedia-org-7130 67 38 p p NNP en-wikipedia-org-7130 67 39 ρ ρ XX en-wikipedia-org-7130 67 40 < < XX en-wikipedia-org-7130 67 41 U u NN en-wikipedia-org-7130 67 42 ( ( -LRB- en-wikipedia-org-7130 67 43 ρ ρ FW en-wikipedia-org-7130 67 44 ¯ ¯ XX en-wikipedia-org-7130 67 45 ) ) -RRB- en-wikipedia-org-7130 67 46 { { -LRB- en-wikipedia-org-7130 67 47 \displaystyle \displaystyle CD en-wikipedia-org-7130 67 48 p_{\ell p_{\ell NNP en-wikipedia-org-7130 67 49 } } -RRB- en-wikipedia-org-7130 67 50 < < XX en-wikipedia-org-7130 67 51 U\left({\overline u\left({\overline VB en-wikipedia-org-7130 67 52 { { -LRB- en-wikipedia-org-7130 67 53 \ell \ell CD en-wikipedia-org-7130 67 54 } } -RRB- en-wikipedia-org-7130 67 55 } } -RRB- en-wikipedia-org-7130 67 56 \right)