The Market for "Lemons": Quality Uncertainty and the Market Mechanism By George A. Akerlof https://www.iei.liu.se/nek/730g83/artiklar/1.328833/AkerlofMarketforLemons.pdf …
See also: Job Market Signalling (1973) by Michael Spence http://www.econ.yale.edu/~dirkb/teach/pdf/spence/1973%20job%20market%20signalling.pdf …
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(These articles are very old and don't really express my own thoughts. Not sure whether to read until I see somebody think along my lines.)
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"one needs to know such things as who is in the market persistently and hence who has an incentive to establish a reputation through
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