Electronic Resource
Oxford, UK
:
Blackwell Publishing Ltd
Bulletin of economic research
35 (1983), S. 0
ISSN:
1467-8586
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
This paper generalizes an earlier paper by Heal (1976) in which the‘lemons problem’is analysed in an exchange framework over time. Heal showed that the Akerlof (1970) rule that bad goods (lemons) always drive out good may not always be a valid one. Heal's anti-lemons result is also shown to be a Balanced Tempta-Equilibrium (B.T.E.) in the supergame. But it is also shown, paradoxically, that the B.T.E. can itself be dominated by certain strategies, hence there is a direct counterpart to the constituent version of the Lemons Game in its supergame analogue.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.1467-8586.1983.tb00446.x
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