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Incomplete Information and Asymmetric Information

Author

Listed:
  • Santonu Basu

    (South Bank University, London , UK)

Abstract

Asymmetric information refers to that uncertainty which arises as a result of co-ordination problems between two agents. This has a limited applicability in the understanding of how businessmen attempt to protect themselves against the possible fluctuation in macro-economic variables and from a possible adverse competitive atmosphere. This paper argues that incomplete information allows us to identify those variables whose unknown position might cause uncertainty, which in turn allows us to understand why, and types of, measures are undertaken by businessmen in an attempt to protect themselves from the adverse impact of unforeseen events. Results from these measures are contrary to the findings of the neo-classical model.

Suggested Citation

  • Santonu Basu, 2001. "Incomplete Information and Asymmetric Information," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 4(2), pages 23-48, November.
    • Handle: RePEc:zag:zirebs:v:4:y:2001:i:2:p:23-48
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    Citations

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    Cited by:

    1. Basu, Santonu, 1997. "Why institutional credit agencies are reluctant to lend to the rural poor: A theoretical analysis of the Indian rural credit market," World Development, Elsevier, vol. 25(2), pages 267-280, February.

    More about this item

    Keywords

    Incomplete information; Uncertainty and asymmetric information; Game theory; Arithmomorphic;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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