TAILIEUCHUNG - Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh - Phần 38

Tài liệu tham khảo Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh gồm 41 phần giúp sinh viên khoa kinh tế học tốt môn Kinh tế vi mô. Tài liệu này là phần 38 giới thiệu về " Bất đối xứng thông tin - Asymmatric information " | CHAPTER 37 ASYMMETRIC INFORMATION So far in our study of markets we have not examined the problems raised by differences in information by assumption buyers and sellers were both perfectly informed about the quality of the goods being sold in the market. This assumption can be defended if it is easy to verify the quality of an item. If it is not costly to tell which goods are high-quality goods and which are low-quality goods then the prices of the goods will simply adjust to reflect the quality differences. But if information about quality is costly to obtain then it is no longer plausible that buyers and sellers have the same information about goods involved in transactions. There are certainly many markets in the real world in which it may be very costly or even impossible to gain accurate information about the quality of the goods being sold. One obvious example is the labor market. In the simple models described earlier labor was a homogeneous product -everyone had the same kind11 of labor and supplied the same amount of effort per hour worked. This is clearly a drastic simplification In reality it may be very difficult for a firm to determine how productive its employees are. Costly information is not just a problem with labor markets. Similar problems arise in markets for consumer products. When a consumer buys THE MARKET FOR LEMONS 695 a used car it may be very difficult for him to determine whether or not it is a good car or a lemon. By contrast the seller of the used car probably has a pretty good idea of the quality of the car. We will see that this asymmetric information may cause significant problems with the efficient functioning of a market. The Market for Lemons Let us look at a model of a market where the demanders and suppliers have different information about the qualities of the goods being Consider a market with 100 people who want to sell their used cars and 100 people who want to buy a used car. Everyone knows that 50 of the cars

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