The Lemon Problem

The seller of a used car knows more about its performance and condition than the buyer can find out in a test drive; indeed the seller may be able to hide poor or even dangerous features of the car on the offer. This explains the large price premium of new cars over second-hand ones, because new ones come with a manufacturer's warranty. Solutions to this problem include trust ('would you buy a used car from this man?') which may be generated by: branding the dealer or offering additional warranties; buying a car with a known history; use of expert third parties to inspect the car; and sticking to bicycles.

Akerlof (1970)

É como tudo, o risco é uma coisa a pesar e quem é averso pode sempre andar de bicicleta...