▁where ▁the ▁bu yer ▁usually ▁has ▁better ▁information ▁than ▁the ▁s eller ▁include ▁estate ▁sales ▁as ▁specified ▁in ▁a ▁last ▁will ▁and ▁test ament , ▁life ▁ins urance , ▁or ▁sales ▁of ▁old ▁art ▁pieces ▁without ▁prior ▁professional ▁assess ment ▁of ▁their ▁value . ▁This ▁situation ▁was ▁first ▁described ▁by ▁Kenneth ▁J . ▁Ar row ▁in ▁an ▁article ▁on ▁health ▁care ▁in ▁ 1 9 6 3 . ▁ ▁George ▁A ker lo f ▁in ▁The ▁Market ▁for ▁Lem ons ▁not ices ▁that , ▁in ▁such ▁a ▁market , ▁the ▁average ▁value ▁of ▁the ▁comm od ity ▁tends ▁to ▁go ▁down , ▁even ▁for ▁those ▁of ▁perfectly ▁good ▁quality . ▁Because ▁of ▁information ▁asym met ry , ▁un sc rup ul ous ▁sell ers ▁can ▁" sp o of " ▁items ▁( like ▁rep lica ▁goods ▁such ▁as ▁watch es ) ▁and ▁def ra ud ▁the ▁bu yer . ▁As ▁a ▁result , ▁many ▁people ▁not ▁willing ▁to ▁risk ▁getting ▁ri pped ▁off ▁will ▁avoid ▁certain ▁types ▁of ▁purch ases , ▁or ▁will ▁not ▁spend ▁as ▁much ▁for ▁a ▁given ▁item . ▁A ker lo f ▁demonstr ates ▁that ▁it ▁is ▁even ▁possible ▁for ▁the ▁market ▁to ▁decay ▁to ▁the ▁point ▁of ▁none x istence . ▁ ▁A ker lo f ▁also ▁suggests ▁different ▁methods ▁with ▁which ▁information ▁asym met ry ▁can ▁be ▁reduced . ▁One ▁of ▁those ▁instruments ▁that ▁can ▁be ▁used ▁to ▁reduce ▁the ▁information ▁asym met ry ▁between ▁market ▁participants ▁is ▁inter medi ary ▁market ▁institutions ▁called ▁counter act ing