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Tag Archive 'information'

Perhaps the most sophisticated argument that markets “fail” is that two parties to a transaction are rarely privy to the same information (you can write down a problem where total ignorance is better than partial ignorance for market outcomes). In the presence of information asymmetries you would expect certain parties to be driven from the […]

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George Akerlof’s canonical example of the market for lemons (information asymmetries leading to unraveling in free markets with subsequent welfare losses) seems to be a perfect illustration of the problem of asymmetric information. Ironically, just as what has happened in the canonical descriptions of public goods problems (lighthouses and honey bees), market power (oil cartels), […]

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Shameless self-promotion alert. The Pope Center has published a dialogue several of us participated in via e-mail over the past few weeks. You can read me talking about the relationship between croaking frogs and undergraduate students.

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