Chapter Thirty-Six Asymmetric Information 不对称信息
Chapter Thirty-Six Asymmetric Information 不对称信息
Information in Competitive markets In purely competitive markets all agents are fully informed about traded commodities and other aspects of the market What about markets for medical services, or insurance, or used cars?
Information in Competitive Markets In purely competitive markets all agents are fully informed about traded commodities and other aspects of the market. What about markets for medical services, or insurance, or used cars?
Asymmetric Information in Markets a doctor knows more about medical services than does the buyer. An insurance buyer knows more about his riskiness than does the seller a used car's owner knows more about it than does a potential buyer
Asymmetric Information in Markets A doctor knows more about medical services than does the buyer. An insurance buyer knows more about his riskiness than does the seller. A used car’s owner knows more about it than does a potential buyer
Asymmetric Information in Markets Markets with one side or the other imperfectly informed are markets with imperfect information(不完全信 息 Imperfectly informed markets with one side better informed than the other are markets with asymmetric information(不对称信息)
Asymmetric Information in Markets Markets with one side or the other imperfectly informed are markets with imperfect information(不完全信 息). Imperfectly informed markets with one side better informed than the other are markets with asymmetric information(不对称信息)
Asymmetric Information in Markets In what ways can asymmetric information affect the functioning of a market? Four applications will be considered: adverse selection(逆向选择) signaling(信号传递) moral hazard(道德风险) incentives contracting
Asymmetric Information in Markets In what ways can asymmetric information affect the functioning of a market? Four applications will be considered: adverse selection (逆向选择) signaling (信号传递) moral hazard (道德风险) incentives contracting