Information gaps Flashcards
1
Q
Information gaps
A
When either the buyer or the seller does not have access to the information needed for them to make a fully informed decision
2
Q
Asymmetric information
A
Where parties have unequal access to information in a market
3
Q
Information failure
A
when people have inaccurate, incomplete, uncertain or misunderstood data and so make potentially ‘wrong’ choices
4
Q
Symmetric information
A
Parties have the same level of knowledge about the goods, and they know everything that is to know about them and the effects of consuming them
