“柠檬”的市场质量的不确定性和市场机制【外文翻译】

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1、外文翻译原文Themarketfor"lemons":qualityuncertaintyandthemarketmechanismMaterialSource:TheQuarterlyJournalofEconomics,1970Author:GEORGEA.AKERLOFI.INTRODUCTIONThispaperrelatesqualityanduncertainty.Theexistenceofgoodsofmanygradesposesinterestingandimportantproblemsf

2、orthetheoryofmarkets.Ontheonehand,theinteractionofqualitydifferencesanduncertaintymayexplainimportantinstitutionsofthelabormarket.Ontheotherhand,thispaperpresentsastrugglingattempttogivestructuretothestatement:"Businessinunderdevelopedcountriesisdifficult";i

3、nparticular,astructureisgivenfordeterminingtheeconomiccostsofdishonesty.Additionalapplicationsofthetheoryincludecommentsonthestructureofmoneymarkets,onthenotionof"insurability,"ontheliquidityofdurables,andonbrand-namegoods.Therearemanymarketsinwhichbuyersuse

4、somemarketstatistictojudgethequalityofprospectivepurchases.Inthiscasethereisincentiveforsellerstomarketpoorqualitymerchandise,sincethereturnsforgoodqualityaccruemainlytotheentiregroupwhosestatisticisaffectedratherthantotheindividualseller.Asaresulttheretends

5、tobeareductionintheaveragequalityofgoodsandalsointhesizeofthemarket.Itshouldalsobeperceivedthatinthesemarketssocialandprivatereturnsdiffer,andtherefore,insomecases,governmentalinterventionmayincreasethewelfareofallparties.Orprivateinstitutionsmayarisetotakea

6、dvantageofthepotentialincreasesinwelfarewhichcanaccruetoallparties.Bynature,however,theseinstitutionsarenonatomistic,andthereforeconcentrationsofpowerwithillconsequencesoftheirowncandevelop.Theautomobilemarketisusedasafingerexercisetoillustrateanddevelopthes

7、ethoughts.Itshouldbeemphasizedthatthismarketischosenforitsconcretenessandeaseinunderstandingratherthanforitsimportanceorrealism.II.THEMODELWITHAUTOMOBILESASANEXAMPLEA.TheAutomobilesMarketTheexampleofusedcarscapturestheessenceoftheproblem.Fromtimetotimeonehea

8、rseithermentionoforsurpriseatthelargepricedifferencebetweennewcarsandthosewhichhavejustlefttheshowroom.Theusuallunchtablejustificationforthisphenomenonthepurejoyofowninga"new"car.Weofferadiffere