Dating economic theory

The economic theory of asymmetric information was developed in the s and s as a plausible explanation for market failures. The theory proposes that an imbalance of information between buyers and sellers can lead to market failure. Market failure, to economists, means an inefficient distribution of goods and services in a free market, in which prices are determined by the law of supply and demand. Three economists were particularly influential in developing and writing about the theory of asymmetric information: George Akerlof , Michael Spence, and Joseph Stiglitz. The three shared the Nobel Prize in economics in for their contributions. Akerlof first argued about information asymmetry in a paper entitled "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism.

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Theory of Asymmetric Information in Economics Definition

Robert Smith. Economists have a yearly job market that works a little bit like speed dating. About 1, economics graduate students converged on the chilly Chicago streets in early January. Some of them ran through those streets, trying to get to the next hotel on time. At some point in time, the economics profession decided it was going to create a job market unlike any other.

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At the most basic level, economics attempts to explain how and why we make the purchasing choices we do. Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make. Everyone has an understanding of scarcity whether they are aware of it or not because everyone has experienced the effects of scarcity. Scarcity explains the basic economic problem that the world has limited—or scarce—resources to meet seemingly unlimited wants.
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