In his paper, Akrov cited a case of the used car market, pointing out that in the used car market, it is obvious that sellers have more information than buyers, and the information between the two is asymmetric.

In this case, even if the seller is talking a lot, the buyer will definitely not believe the seller. The only way for the buyer is to lower the price to avoid the risk loss caused by information asymmetry. The price of the buyer is too low, which makes the seller unwilling to provide high-quality products, so that low-quality products fill the market, and high-quality products are expelled from the market, which eventually leads to the shrinking of the used car market.

There is an old Chinese saying that this is also the problem, called "It is better to sell than to buy."

No matter what product it is, the seller has more information than the buyer. The lower the standardization of the product, the more serious this information asymmetry will be.

Almost every magic weapon in the Jiuzhou Cultivation World is different from each other. This is no longer a problem of low standardization, but there is no standard at all.

Therefore, the magic weapon trading market can be regarded as Mount Everest in the information asymmetry world!

The information asymmetry level of magic weapon market is even stronger than the metaphysical pricing products such as purple clay teapots, antiques, calligraphy and paintings, artworks, and jadeware on the earth.

On earth, such commodities are also the hardest hit areas of fraud and counterfeiting. Panjiayuan Antique Market is a typical representative of this kind of counterfeit market.

The current Wuliang Sword Sect magic weapon trading market is even more cheating than the Panjiayuan antique market, which brings great difficulties to the transactions of cultivators.

There are actually many different ways to crack this type of information asymmetry, the easiest way is to build a brand.

The reason why people like to buy big-brand products is because the quality of big-brand products is endorsed by their brands, and customers are willing to pay a certain premium for this invisible endorsement.

This solution looks good, but there are two major problems when implemented:

One is that it takes time to form a brand reputation. Lu Yang himself doesn’t know how long he can stay in the world of cultivation. This kind of long-term project is really unsolvable. Another problem is that most of the magic weapons circulated in the market are second-hand goods, which is even more unfavorable for merchants to establish brands.

Therefore, Lu Yang decided to learn about Internet e-commerce in the 21st century and use the second method.

Seeing that Mo Yunlan and Li Rui were staring at him, Lu Yang thought for a moment and said, "This can be solved. You only need to prohibit private transactions between disciples, establish a sect self-operated platform, and include each person's transaction records in your personal credit records."

"Sected self-operated platform?"

"Personal credit history?"

Hearing Lu Yang's answer, Li Rui and Mo Yunlan raised their own questions one after another.

"Yes, my idea is this. All disciples of Wuliang Sword Sect conduct magic weapons transactions should be carried out on a unified sect self-operated platform, and the seller will mark the basic information and after-sales guarantee of the magic weapons. If there is any problem with the after-sales service of the magic weapons, the user can apply for the sect to conduct responsibility appraisal. Once it is proved that the quality of the magic weapons itself does not match the seller's original description, the seller is obliged to compensate and bear the appraisal fee, and the seller of the magic weapons will be included in the list of dishonest persons. After that, when the seller conducts a transaction, his magic weapons will be specially marked. At the same time, the sect can also draw experts in refining to conduct quality random inspections on the magic weapons that are publicly traded on the platform. Any seller who fails the random inspection and quality inspection will be severely punished and included in the list of dishonest persons. In severe cases, the penalty of life-long market ban can be imposed."

In fact, Lu Yang's approach is very simple. It is to establish a credit rating system for disciples through a store rating mechanism similar to Internet e-commerce to solve the problem of information asymmetry.

If the disciples commit fraud at this time, they will not simply deceive other disciples, but will deceive the entire Wuliang Sword Sect, and this nature will be completely different.

When Li Rui and Mo Yunlan heard this cultivation version of the "x-dong self-operated" mechanism, they looked at each other and did not find any flaws for a while.

Li Rui pondered for a moment and said, "Lu Yang, your method does seem to be feasible at first glance, but many details still need to be polished. When I fall down, I will communicate with Senior Brother Luo on this matter. Once you can accomplish things and effectively promote them to other fields, as the pioneer, you can be said to have great merits... But today's focus of our research should still be on the establishment of a credit monetary system."

When Lu Yang heard this, he quickly interrupted and said, "Actually, the sect-owned mall is also of great significance to the reform of the currency system."

Li Rui said in surprise: "How about this?"

"If you want to implement a new monetary system and issue new coins, there are actually only two issues that need to be solved. The first is to have strong enough credit endorsement, and the second is to have enough application scenarios. The biggest advantage of a sect’s own mall is to provide a business environment for applying new coins."

Seeing that Li Rui and Mo Yunlan were listening carefully to his introduction, Lu Yang simply opened up the conversation and started a class: "Generally speaking, as the de facto highest administrative authority in Zhongzhou, Wuliang Sword Sect can forcibly define application scenarios through taxation and other means when issuing new coins. For example, Wuliang Sword Sect can announce that when the vassal sect pays tribute to Wuliang Sword Sect, it must use new coins to settle the settlement."

Li Rui affirmed Lu Yang's statement: "That's right, my master Bo Nanke adopted this approach when he promoted the spirit stone coupons. And the master also stipulated that whenever he had commercial transactions with the seven major sects, only spiritual stone coupons were allowed, and spirit stones were not accepted. If I were asked to promote new coins, I would make such regulations."

Lu Yang continued Li Rui's words and said: "This is a method, but just doing this will make the application scenario too thin, which is not conducive to the rapid expansion of new coins. After all, most transactions in the cultivation world occur between individuals, and the proportion of transactions between individuals and the seven major sects is still relatively low. The advantage of a sect self-operated mall is that the transactions between individuals are included in a unified official platform. If it is stipulated that the sect self-operated mall must be settled with new coins, it is equivalent to opening up a breakthrough in the business model of the new coins.

If you break the gap, you can achieve twice the result with half the effort. Looking at the Zhongzhou cultivation world, what commercial application scenarios are there that can be larger than the sect self-operated mall that concentrates all the trading activities of the Wuliang Sword Sect in Zhongzhou? What's more, the sect self-operated mall can not only trade magic weapons, but also trade spiritual medicines, and even secret recipes! This transaction volume and user group can be made very large, and we can even accept third-party merchants, allowing all vassal sects to connect to the self-operated platform for transactions, giving full play to the platform's scale effect."

The scale effect of the platform has an exclusive word called "bilateral market".

Why do Taobao, group and Didi Taxi easily form a monopoly?

Because these platforms are actually a "bilateral market", which is aimed at merchants and customers on the other hand.

Customers all like to buy things in markets with many merchants, and merchants all like to sell things in places with many customers, and the two will strengthen each other.

Take taxi as an example. The more drivers a taxi software, the more convenient it is for passengers to use, and it will attract more passengers; the more passengers it will be, the easier it will be for drivers to take orders and attract more drivers.

If you snowball like this, it is very easy to form a monopoly in the entire market.

The power of the "bilateral market" can be seen.

The Wuliang Sword Sect has a natural advantage in establishing a self-operated mall. It can force the disciples of the sect to trade in the self-operated mall through administrative orders. In this way, Snowball can quickly roll up from the beginning.

Li Rui and Mo Yunlan are both top economic experts in the cultivation world and quickly understood Lu Yang's ideas.

Li Rui couldn't help but applaud: "The idea of ​​a genius is really the idea of ​​a genius. I did not misread it! Since you are less than 20 years old this year, you can actually propose the idea of ​​a credit currency system. I know that you are absolutely extraordinary. This sect's own mall not only perfectly solves the long-standing problem of a sect, but also creates conditions for the issuance of new currencies. I have only seen this talent in cultivating economics in Master Bo Nanke."

Li Rui's high evaluation made Mo Yunlan, who was watching on the side, take a breath.

Is his talent in cultivating economics comparable to that of Bo Nanke?

Isn’t this what the world has to say?
Chapter completed!