Also "market for lemons"- a friend told me she used to go to Macys/Dillards to buy $50 bath towels b/c they were better, nicer, more durable than the $20 ones from Walmart.
Now she goes and still pays $50 for them, but they have been stealthily replaced by the equivalent of the inferior $20 ones.
It becomes a market for lemons: you can't trust that paying more for a product gets you a better product so game theory says you have to pursue price minimization at all costs.
Now she goes and still pays $50 for them, but they have been stealthily replaced by the equivalent of the inferior $20 ones.
It becomes a market for lemons: you can't trust that paying more for a product gets you a better product so game theory says you have to pursue price minimization at all costs.