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Asymmetric information and incentive is a very important topic that you will study in economics. This concept is broad in coverage, and there are some tricky details that you may find difficult to comprehend. So if you want that your time and efforts should be saved, then you must opt for asymmetric information and incentive homework help.
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Get a glimpse of Asymmetric Information and Incentive concepts
Asymmetric information is a scenario where one party to a transaction has more knowledge and information as compared to the other party. In each and every type of market, there is information asymmetry to some or the other extent.
Some of the examples of asymmetric information arelike managers may be having some vital details about the company which even the top management is unaware of, a teacher is having specialized knowledge in the subject whereas the students are still learning, a seller knows more about the product or service being offered rather than a buyer etc.
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What is the incentive of having asymmetric information?
The party having asymmetric information will have the incentive of enjoying economic gains and other advantages. Let’s say a seller only knows about the exact detailing of the product or service. If he will market it in a correct manner, then customers will be attracted by the deal and will be ready to pay the price demanded by seller. Here the buyer has incomplete details about the products or services, so it is difficult for him to know that what should be the true cost of the offer.
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Explanation through another example
In other example, you can analyze the case of doctor and patient. The doctor will know about the exact illness of the patient whereas the patient may not be having any idea what he or she is currently going through. Due to this asymmetric information, a doctor can take advantage by charging excessive money. But he also faces a risk of malpractice, license cancellation and tarnished reputation in such case.
So the incentive for him would be to do a correct diagnosis and proceed with the right treatment which will build the trust of patients and will benefit his reputation in the long run.
From a broader perspective, you will understand that both parties will be benefitted with asymmetric information only if they agree to deal with each other in a fair manner. Asymmetric information and incentive homework help will prove to be immensely beneficial for you.
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