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Economic Morality and Jewish Law$
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Aaron Levine

Print publication date: 2012

Print ISBN-13: 9780199826865

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199826865.001.0001

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Aspects of the Lemons Problem as Treated in Jewish Law

Aspects of the Lemons Problem as Treated in Jewish Law

Chapter:
(p.151) Chapter 6 Aspects of the Lemons Problem as Treated in Jewish Law
Source:
Economic Morality and Jewish Law
Author(s):

Aaron Levine

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199826865.003.0006

This chapter discusses the effects of asymmetric information phenomenon on commercial transactions in the marketplace. It presents the role of Jewish law in inculcating an environment of trustworthiness in the commercial setting. It describes the following countervailing forces: seller guarantees, brand names, product liability laws, consumer screening, third-party comparisons, and the consumer and industry groups. It provides an overview of the following controlling legal and economic concepts: George Akerlof's Lemons Model, Jewish Warranty Law, implied warranties, merchantability, fitness for particular purpose, and State Lemon Laws and its remedies.

Keywords:   asymmetric information phenomenon, environment of trustworthiness, George Akerlof's Lemons Model, Jewish Warranty Law, implied warranties, merchantability, fitness for particular purpose, State Lemon Laws

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