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Trade with Incomplete Information

In: Microeconomic Theory for the Social Sciences

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  • Takashi Hayashi

    (University of Glasgow)

Abstract

Many kinds of information such as quality of goods, ability of workers and consumers’ preferences or willingness to pay are private information which are not observable or verifiable by other market participants. Trades which are smoothly done under complete information are likely to fail under such types of incomplete information. We can roughly think of two kinds of such situations, one is adverse selection and the other is moral hazard.

Suggested Citation

  • Takashi Hayashi, 2021. "Trade with Incomplete Information," Springer Books, in: Microeconomic Theory for the Social Sciences, chapter 0, pages 401-424, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-3541-0_26
    DOI: 10.1007/978-981-16-3541-0_26
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