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Measuring the Cost to Consumers of Product Defects: The Value of "Lemon Insurance"

BY the end of 1986, forty-one states and the District of Columbia had enacted so-called lemon laws aimed at protecting new-car buyers from automobiles that prove to be "hopelessly defective." These laws give new-car buyers the right to a new automobile or a full refund if the car turns out to be a lemon.1 According to the Wall Street Journal, "lemon laws are sweeping the country."2 The expeditious treatment that lemon laws received in state legislatures might indicate that these statutes conferred large benefits on consumers. Alternatively, it may be that these new laws provide little additional protection to the consumer but instead represent "the kind of consumer issue that looks good when legislators go back home."3 To date, no study has attempted to estimate the value