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1、CHAPTERAsymmetricInformationEIGHTEENMarketsmaynotbefullyef?cientwhenonesidehasinformationthattheothersidedoesnot(asymmetricinformation).Contractswithmorecomplextermsthansimpleper-unitpricesmaybeusedtohelpsolveproblemsraisedbysuchasymmetricinformation.Thetwoimportantclassesof
2、asymmetricinformationproblemsstudiedinthischapterincludemoralhazardproblems,inwhichoneparty’sactionsduringthetermofthecon-tractareunobservabletotheother,andadverseselectionproblems,inwhichapartyobtainsasymmetricinformationaboutmarketconditionsbeforesigningthecontract.Careful
3、lydesignedcontractsmayreducesuchproblemsbyprovidingincentivestorevealone’sinformationandtakeappropriateactions.Butthesecontractsseldomeliminatetheinef?cienciesentirely.Surprisingly,unbridledcompetitionmayworsenprivateinforma-tionproblems,althoughacarefullydesignedauctioncanh
4、arnesscompetitiveforcestotheauctioneer’sadvantage.ComplexContractsasaResponsetoAsymmetricInformationSofar,thetransactionswehavestudiedhaveinvolvedsimplecontracts.Weassumedthat?rmsboughtinputsfromsuppliersatconstantper-unitpricesandlikewisesoldoutputtoconsumersatconstantper-u
5、nitprices.Manyreal-worldtransactionsinvolvemuchmorecomplicatedcontracts.Ratherthananhourlywage,acorporateexecutive’scompensationusuallyinvolvescomplexfeaturessuchasthegrantingofstock,stockoptions,andbonuses.Insurancepoliciesmaycaptheinsurer’sliabilityandmayrequirethecustomer
6、tobearcostsintheformofdeductiblesandcopayments.Inthischapter,wewillshowthatsuchcomplexcontractsmayariseasawayfortransactingpartiestodealwiththeproblemofasymmetricinformation.AsymmetricinformationTransactionscaninvolveaconsiderableamountofuncertainty.Thevalueofasnowshovelwill
7、dependonhowmuchsnowfallsduringthewinterseason.Thevalueofahybridcarwilldependonhowmuchgasolinepricesincreaseinthefuture.Uncertaintyneednotleadtoinef?ciencywhenbothsidesofatransactionhavethesamelimitedknowledgeconcerningthefuture,butitcanleadtoinef?ciencywhenonesidehasbetterin
8、formation.Thesidewithbetterinformationissaidtohaveprivateinformationor,equi
