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S E23: Private Information - I Know Something You Don’t Know
Think Like An Economist
What's the Problem of Private Information?
When llers know something buyers don't, we can get the lemons problem. The fog of mistrust can make it hard for us to do business together. Moral hazard refers to these actions you take that aren't observed. Adverse selection occurs when type of buyer or seller is unclear. It's time to think like an economist.
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