Chapter Thirty-Five - University College London：三零五章-伦敦大学学院.pptVIP

下载本文档

4
0
约2.75千字
约 9页
2018-06-24 发布于四川
举报
版权申诉

Chapter Thirty-Five - University College London：三零五章-伦敦大学学院.ppt

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

Chapter Thirty-Five - University College London：三零五章-伦敦大学学院

C3016:Economics of Information Types of information asymmetry There is only one way that information can be symmetric But there are many ways in which information can be asymmetric The solution given to a problem that exhibits information asymmetry will depend on the type of information asymmetry that is creating the problem A classification will be very useful… Types of information asymmetry There are three basic types of IA: Moral hazard Adverse selection Signalling They differ according to the timing in which the IA takes places Types of information asymmetry Moral hazard Information is symmetric before the contract is accepted but asymmetric afterwards Two cases of moral hazard: The agent will carry out a non verifiable action after the signature of the contract (hidden action) The agent knows the same as the principal before the contract is signed, but it will know more than the principal about an important variable once the contract is accepted (ex post hidden information) Types of information asymmetry Examples of Moral Hazard: Salesman effort (hidden action) Effort to drive alert (hidden action) Effort to diagnose an illness (hidden action) Whether or not the manager’s strategy is the most appropriate for the market conditions (ex post hidden information) Types of information asymmetry Adverse selection Information is asymmetric even before the contract is signed Potentially, there are many types of agents (high ability salesman, low ability salesman), and the principal does not know the type her agent In other words, the agent can lie to the principal about his type without being punished Adverse selection is sometimes called ex-ante hidden information The pure case of Adverse Selection assumes that any action taken by the agent after the contract is accepted can be verified (effort is verifiable) Types of information asymmetry Examples of Adverse Selection Medical insurance: healthy and unhealthy customers (even if there are tests, they might be too cos