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\nImperfect Information: Market Failure and Asymmetric Information\n

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\nIn this video, the speaker discusses the concept of imperfect information in economics and how it can lead to market failure. They explain the importance of information in economic decision-making processes and how perfect information is...\nIn this video, the speaker discusses the concept of imperfect information in economics and how it can lead to market failure. They explain the importance of information in economic decision-making processes and how perfect information is typically assumed in economic theories. The speaker provides examples of markets with asymmetric information, where buyers and sellers have different amounts of relevant information, and how it can lead to situations such as adverse selection and moral hazard. Additionally, they explain the problem with imperfect information through the example of the used car market, where buyers and sellers have different levels of knowledge about the quality of the cars being sold.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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12:37
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
6 more...
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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economics
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Additional Tags

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a-level, lectures, micro, behavioural, 4.1b, imperfect, information, financial regulators, insurance company, bad health, imperfect information, perfect information, asymmetric information, moral hazard, risk profile, downside risk, average price, good health, economic agents, market failure, relevant information, bad quality, cars left, car market, risk, price, agents, relevant, lots, lemons, market, optimal, process, cruisers, amounts, patient
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Classroom Considerations

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Best For: Explaining a topic
Video is ad-free
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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Imperfect Information: Market Failure and Asymmetric Information\" href=\"/subscription/new\">\"Imperfect\n\n
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