Tagged: information asymmetry

George Akerlof by Rachel Idzerda for the Globe and Mail

George Akerlof: A citizen of the profession

“Economic theorists, like French chefs in regard to food, have developed stylized models whose ingredients are limited by some unwritten rules. Just as traditional French cooking does not use seaweed or raw fish, so...

Information Asymmetry

Information asymmetry: The battle for data

One key element that affects how people behave in different situations is the information they have about the issue. But, generally speaking, people do not possess same levels of information. This difference in the...