17.1
Complete information is a situation where all participants in a transaction have full knowledge of all the relevant information.
For example, in perfect competition, buyers and sellers have full information about product prices and the quality of the products available in the market.
However, in reality, different parties in a transaction have different levels of information. Sometimes, buyers have more information, and sometimes, sellers have more information.
For example, customers who buy an insurance plan have more knowledge about their health than the insurance company providing the coverage. This includes information on their smoking habits, dietary patterns, and any genetic conditions that might affect their health.
In markets for used cars, sellers of the cars have more information about their vehicle condition than buyers. This knowledge includes the car's accident history and the quality of repairs conducted.
So, when one party to a transaction knows more than the other, it is called asymmetric information.
Asymmetric Information can cause market failure because one party’s greater knowledge leads the other party to make suboptimal decisions, which can then decrease benefits for both parties over time.
Informazioni complete significa che tutti i partecipanti a una transazione conoscono tutti i dettagli rilevanti. Ad esempio, in una concorrenza perfetta, sia gli acquirenti che i venditori conoscono la disponibilità di prodotti alternativi, i prezzi dei prodotti, il numero di concorrenti e la qualità dei prodotti. Tuttavia, nei mercati reali, i partecipanti hanno solitamente diversi livelli di informazione, il che porta a un ambiente di mercato di informazioni asimmetriche.
Le informazioni asimmetriche si verificano quando una parte in una transazione di mercato ha più informazioni dell'altra. Questo squilibrio può influenzare il processo decisionale e causare inefficienze di mercato.
Un esempio di situazione asimmetrica
Un classico esempio di informazioni asimmetriche si trova nel mercato delle auto usate. I venditori generalmente hanno una conoscenza più completa delle condizioni del veicolo rispetto ai potenziali acquirenti. I venditori sanno che i proprietari di auto potrebbero nascondere informazioni indesiderate sulla cronologia degli incidenti dell'auto e sulla qualità delle riparazioni. Sapendo questo, gli acquirenti di auto usate sono disposti a offrire prezzi più bassi solo per tutte le auto usate, comprese quelle di alta qualità. Ciò significa che tutti i proprietari di auto usate otterranno prezzi più bassi per le loro auto, indipendentemente dalla qualità.
Complete information is a situation where all participants in a transaction have full knowledge of all the relevant information.
For example, in perfect competition, buyers and sellers have full information about product prices and the quality of the products available in the market.
However, in reality, different parties in a transaction have different levels of information. Sometimes, buyers have more information, and sometimes, sellers have more information.
For example, customers who buy an insurance plan have more knowledge about their health than the insurance company providing the coverage. This includes information on their smoking habits, dietary patterns, and any genetic conditions that might affect their health.
In markets for used cars, sellers of the cars have more information about their vehicle condition than buyers. This knowledge includes the car's accident history and the quality of repairs conducted.
So, when one party to a transaction knows more than the other, it is called asymmetric information.
Asymmetric Information can cause market failure because one party’s greater knowledge leads the other party to make suboptimal decisions, which can then decrease benefits for both parties over time.
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