Read the article, The Market for "Lemons": Quantity Uncertainty and the Market Mechanism. by George A. Akerlof.

Link:

https://www.sfu.ca/~wainwrig/Econ400/akerlof.pdf

Then think about Akerlof's discussion of:

• The meaning of asymmetric information,
• How asymmetric information works in health insurance markets and why it is a problem in that market, and
• What private and public institutions exist to counteract asymmetric information.