Comments on: The Lemons Meme in Software http://innocuous.org/articles/2007/06/06/the-lemons-meme-in-software/ Richard Tibbetts on Various Topics Thu, 11 Mar 2010 22:13:38 +0000 http://wordpress.org/?v=2.3.3 By: Chui Tey http://innocuous.org/articles/2007/06/06/the-lemons-meme-in-software/#comment-4 Chui Tey Wed, 13 Jun 2007 00:07:13 +0000 http://innocuous.org/articles/2007/06/06/the-lemons-meme-in-software/#comment-4 Information asymmetry also occurs when purchasing mattresses, buying coffee, getting a home loan, buying insurance.rnrnAlso consider in food, where Country of Origin labelling can help consumers chose products based on reputation. Or whether you milk contains Bovine Growth Hormone. rnrnOn the other hand, the actual value of a product is partly in how it marketed to you. Women like their diamond rings not because they are ill informed about the utility of a diamond ring, but the value of the ring been framed in ways that are meaningful for them (love, eternity et c). If it's hard to make an informed choice about coffee, it's even harder to hire the right person. Perhaps the only way is to lower the cost or risk of transaction by quickly getting rid of the wrong people.rn Information asymmetry also occurs when purchasing mattresses, buying coffee, getting a home loan, buying insurance.rnrnAlso consider in food, where Country of Origin labelling can help consumers chose products based on reputation.

Or whether you milk contains Bovine Growth Hormone. rnrnOn the other hand, the actual value of a product is partly in how it marketed to you. Women like their diamond rings not because they are ill informed about the utility of a diamond ring, but the value of the ring been framed in ways that are meaningful for them (love, eternity et c).

If it’s hard to make an informed choice about coffee, it’s even harder to hire the right person. Perhaps the only way is to lower the cost or risk of transaction by quickly getting rid of the wrong people.rn

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