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Buyer Information
The knowledge that buyers have about the product, which can affect their power.
Implications
The knowledge and data available to buyers about products, prices, and market conditions, which can influence their purchasing decisions and market power.
Example
Example: In the real estate market, buyers with access to comprehensive property information, including pricing trends and neighborhood data, have more bargaining power.
Related Terms
Different from asymmetric information, which deals with unequal knowledge between parties, buyer information focuses on the availability and quality of data to the buyer.
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