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Buyers of ‘lemons’: How can a blockchain platform address buyers’ needs in the market for ‘lemons’?


Zavolokina, Liudmila; Miscione, Gianluca; Schwabe, Gerhard (2020). Buyers of ‘lemons’: How can a blockchain platform address buyers’ needs in the market for ‘lemons’? Electronic Markets, 30(2):227-239.

Abstract

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.

Abstract

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.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Informatics
Dewey Decimal Classification:000 Computer science, knowledge & systems
Scopus Subject Areas:Social Sciences & Humanities > Business and International Management
Social Sciences & Humanities > Economics and Econometrics
Physical Sciences > Computer Science Applications
Social Sciences & Humanities > Marketing
Social Sciences & Humanities > Management of Technology and Innovation
Language:English
Date:1 June 2020
Deposited On:09 Dec 2019 11:22
Last Modified:29 Jul 2020 12:14
Publisher:Springer
ISSN:1019-6781
OA Status:Closed
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1007/s12525-019-00380-9
Other Identification Number:merlin-id:18861

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