S E23: Private Information - I Know Something You Don’t Know
Think Like An Economist
00:00
The Problem of Hidden Actions on Private Information
The final factor we're looking at as we learn about private information is the problem of hidden actions. This sounds a little different to the previous two problems we've just gone through. It is when businesses or sellers have more information about their product, or when customers know more about themselves and how costly they will be for business. Our dodge used car salesmen selling you a piece of junk, hidden type.
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