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EC1202

Asymetric Information

TermDefinition
Perfect Information Consumers and producers have all the information they need to know for their own best interest before entering the market
Imperfect Information Markets in which one or both sides are imperfectly informed
Asymmetric information Refers to a situation in which one party to a transaction has more information about a product or service than the other party in the transaction
Asymmetric Information is either due to ? Hidden Characteristics or hidden Actions
Hidden Characteristics One side observes something about the good being transacted that is both relevant for and not observed by the other party
Hidden Actions One side takes actions that are relevant for, but not observed by, the other party
Created by: peadarbailey1206
 

 



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