Buyers of 'Lemons': How can a Blockchain Platform Address Buyers’ Needs in the Market for ‘Lemons’?
10T11:42:40Z December 2019
The second-hand automotive market is one with the least trust from consumers. Customers on the second-hand car market suffer from such problems as the car being in worse condition than initially indicated, accident damage that is not disclosed, fraud, etc. Akerlof, described the market for used cars as an example of the problem of information asymmetries and resulting quality uncertainty. In order to cope with quality uncertainties, used car buyers actively engage themselves in information seeking. Blockchain technology promises to automatize the tracking of cars through their lifecycles and provide reliable information at any point in time it is needed. In our study, we investigate the problems car buyers face during information seeking and propose requirements for the design of a blockchain-based system to address these.
University College Dublin
Type of Material
Copyright (Published Version)
Status of Item
This item is made available under a Creative Commons License