chasymmetric information(微观-范里安-(上海交通大学,赵旭 ).pptVIP

Chapter Thirty-Six Asymmetric Information 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 Markets with one side or the other imperfectly informed are ma