Social impact assessment | Capturing the social impact of GWR
Akerlof was commissioned to develop GWR’s first ever social value report, using the new Rail Safety and Standards Board (RSSB) Rail Social Value Tool
Sector: RAIL
Akerlof was commissioned to develop GWR’s first ever social value report, using the new Rail Safety and Standards Board (RSSB) Rail Social Value Tool
His seminal paper, Market for Lemons, demonstrated the devastating consequences of making decisions under the conditions of quality uncertainty and unequal information between buyers and sellers, increasing the chance of buyers ending up with a ‘lemon’.
This 50-year-old concept continues to retain parallels within the construction industry.