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Asymmetric Information
A situation in a game where different players have access to different information, leading to strategic behavior based on private knowledge.
Implications
Refers to situations where one party in a transaction has more or better information than the other, often leading to market inefficiencies.
Example
Example: In the used car market, sellers typically have more information about the car�s condition than buyers, leading to issues like adverse selection.
Related Terms
Different from symmetric information, where both parties have equal access to information, leading to more efficient transactions.
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