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Nobel Prize 2001

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Information about Nobel Prize 2001
Education

Published on February 23, 2014

Author: gubarevalexandr

Source: slideshare.net

Description

Brief overview of the theory of Nobel Prize laureates concerning incompleteness of information on the market
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Nobel Prize 2001

On the market of light bulbs both customer and salesman are unaware of the quality of each single bulb

However, on the market of used cars only salesman is aware of the true quality of his product

Competition on this market leads to adverse selection, which in perspective is able to destroy the entire market

Nobel Prize 2001

According to the conception of market signals salesman can give his customers signals about quality of his product

Nobel Prize 2001 is a great example of how economists find out the problem and then deal with it

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