TAILIEUCHUNG - Lecture Principles of economics - Chapter 11: The economics of information

This chapter focuses on the economics of information, . the study of information itself as a resource. In this chapter, students should be able to: Explain how middlemen add value to market transactions, use the concept of rational search to find the optimal amount of information market participants should obtain, define asymmetric information and describe how it leads to the lemons problem. | Chapter 11 The Economics of Information McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. Learning Objectives Explain how middlemen add value to market transactions Use the concept of rational search to find the optimal amount of information market participants should obtain Define asymmetric information and describe how it leads to the lemons problem Discuss how advertising, conspicuous consumption, statistical discrimination, and other devices are responses to asymmetric information Information and the Invisible Hand All parties have all relevant information Without free information, market results are not efficient Bargaining for a bowl in Kashmir Parties must decide how much information to gather Information gathering strategies differ How The Middleman Adds Value Buyers sometimes choose among several version of a product Each has complex feature sets Research options Company web site Ask friends and family Consumer Reports, online product .

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• Principles of economics
• Lecture Principles of economics
• Economics of information
• Consumer choice
• Free rider problem
• Market transactions
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
• Marginal changes
• Welfare Economics
• Consumer surplus
• Demand curve
• Efficiency of markets
• Nature of an externality
• Market inefficiency
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• Principles of microeconomics
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• Scarce resources
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• Choice implies cost
• Principles of agricultural economics
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• Theory of consumer behaviour
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