What is Information Failure? - A type of market failure where individuals or firms have a lack of information about economic decisions., What are Information Asymmetries? - Where one party has access to information that another party doesn’t., What is a Moral Hazard, in terms of information failure? - This occurs when individuals alter their behaviour because of certain guarantees., An example of a moral hazard - An insurance firm may offer bike theft insurance, but it may not realize that it alters consumer behavior, leading to less lock-up care, resulting in the company losing out as it is more likely to pay out than expected., An example of information asymmetry - For example, the seller of a car may know it has some problem, but the buyer may not be aware.,

Information Failure

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