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== '''Lemon market theory''' ==
== '''Information Asymmetry Theory''' ==
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== Acronym ==
== Acronym ==
== Alternate name(s)==
== Alternate name(s)==
Lemon Theory
Lemon Theory, Information Asymmetry
== Main dependent construct(s)/factor(s)==
== Main dependent construct(s)/factor(s)==
Price premium, consumer choice, product returns
== Main independent construct(s)/factor(s) ==
== Main independent construct(s)/factor(s) ==
- Price of product<br>
- product type, product quality/fit uncertainty, seller uncertainty
Price of product<br>
- Acclaimed product quality by selling party<br>
- Acclaimed product quality by selling party<br>
- Expected/perceived product quality by buying party<br>
- Expected/perceived product quality by buying party<br>
== Seminal articles ==
== Seminal articles ==
Akerlof, G. A. (1970). The market for" lemons": Quality uncertainty and the market mechanism. ''The Quarterly Journal of Economics'', 488-500.
== Originating area ==
== Originating area ==
Economics
Economics
== Level of analysis ==
== Level of analysis ==
Market, individual firms
Market, individual firms, products
== IS articles that use the theory ==
== IS articles that use the theory ==
Pavlou, P. A., Liang, H., & Xue, Y. (2006). Understanding and mitigating uncertainty in online environments: a principal-agent perspective. ''MIS Quarterly'',''31''(1), 105-136.
Dimoka, A., Hong, Y., & Pavlou, P. A. (2012). On product uncertainty in online markets: theory and evidence. ''MIS Quarterly'', ''36''(2), 395-426. [http://dl.acm.org/citation.cfm?id=2481644 Link]
Backhouse, J., Hsu, W.Y., Tseng, J., Baptista, J. (2005)
Backhouse, J., Hsu, W.Y., Tseng, J., Baptista, J. (2005)
''"A Question of''
''"A Question of''
''Trust - An economic perspective on Quality Standards in the Certification Services Market"''.
''Trust - An economic perspective on Quality Standards in the Certification Services Market"''.
Communications of the ACM. September, ISSN 0001-0782
Communications of the ACM. September, ISSN 0001-0782
Kim, Y., & Krishnan, R. (2013). On Product-level Uncertainty and Online Purchase Behaviour: An Empirical Analysis. ''Management Science''. [http://pubsonline.informs.org/doi/abs/10.1287/mnsc.2014.2063 Link]
Ghose, A. (2009). Internet exchanges for used goods: An empirical analysis of trade patterns and adverse selection. ''Mis Quarterly'', 263-291. [http://www.jstor.org/stable/20650292?seq=1#page_scan_tab_contents Link]
Hong, Y., & Pavlou, P. A. (2014). Product Fit Uncertainty in Online Markets: Nature, Effects, and Antecedents. ''Information Systems Research'', ''25''(2), 328-344. [http://pubsonline.informs.org/doi/abs/10.1287/isre.2014.0520 Link]
== Links from this theory to other theories ==
== Links from this theory to other theories ==
[[Agency theory]]<br>
Principal-agent theory, [[Agency theory]], Seller uncertainty, product quality uncertainty, product fit uncertainty, trust<br>
Adverse selection<br>
Adverse selection<br>
Moral hazard
Moral hazard