Amjad Khan Suri and Adnan J
Nobel Prize winner Akerlof proposed lemon theory and showed how information asymmetry in the market creates an unbalanced information where poor quality offerings (lemons) wipe out good quality offerings in the market. Akerlof’s model was originally developed in the context of used cars in the market where lemon problem was frequently observed. However, the theoretical problem lemon is not limited to the car market but also valid in other markets with the same situations. The present study focuses on information asymmetry observed in the education system in UAE because of an “information gap” due to the asymmetric information.
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