非对称信息英文导论.ppt

Asymmetric Information Perloff Chapter 19 Asymmetric Information When two parties to a transaction have different information. Adverse Selection When an informed person has an advantage through an unobserved characteristic. Eg a disproportionately large number of unhealthy people buy life insurance. Moral Hazard When an informed person has an advantage through an unobserved action. An insured car driver drives faster. Equalising information Screening Obtaining information about hidden characteristics. Insurance. Costly. Signalling Use of public information to indicate the nature of private inf