1 Quality Uncertainty and the Market for Lemons Asymmetric Information-situation in which a buyer and seller possess different information about a transaction. George A.Akerlof:The Market for 'Lemons': Quality Uncertainty and the Market Mechanism published by Quarterly Journal of Economics(1970) 1 Quality Uncertainty and the Market for Lemons Asymmetric Information — situation in which a buyer and seller possess different information about a transaction. George A. Akerlof: The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism published by Quarterly Journal of Economics(1970)