ASYMMETRIC INFORMATION – Adverse Selection and Moral Hazard explained. | A Level Economics (2021) | adverse selection คือ

ASYMMETRIC INFORMATION – Adverse Selection and Moral Hazard explained. | A Level Economics (2021)


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Hello!!!
We will be looking another type of information failure today Asymmetric Information. We will study how asymmetric information causes market failure, namely through Adverse Selection and Moral Hazard. Do ensure you nail down the various ways and examples in which these occur!
This is applicable to GCE ALevel Economics and GCSE Economics examinations.
Check out the previous part on Imperfect Information here!
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ASYMMETRIC INFORMATION - Adverse Selection and Moral Hazard explained. | A Level Economics (2021)

Signaling


A signal is an action that reveals information. Let’s look at higher education, for example. A large fraction of the value you receive from your degree comes on the day you earn your diploma. Your expected wages don’t increase with each class you complete along the way; instead, they spike sharply at the end when you receive your diploma. This is often referred to as the “Sheepskin Effect” because diplomas used to be printed on sheepskin.
Nobel Prize winner Michael Spence did research on this subject and found that education is valuable not necessarily because it creates valuable skills, but rather that it signals valuable skills. So how does the signal, represented by a degree, alleviate asymmetric information?
Employers don’t necessarily know how smart or skilled you are. Your degree, however, provides a credible signal of these traits and gives them more information they can use in the hiring process.
What other signals exist? We discuss examples like diamond engagement rings, why criminals tattoo their face, and why a peacock has a colorful tail. Let us know what examples you come up with in the comments.
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Signaling

Lemon Theory in Economics | Lemon Model and Adverse Selection Definition


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Lemon Model Explanation (Lemon Theory in Economics) and Adverse Selection.
Theory: by George Akerlof
Asymmetric Information video: https://youtu.be/bEYSlQG7ab4
Moral Hazard Problem video: https://youtu.be/c4uBleFnA4Q

Music: www.bensound.com

Lemon Theory in Economics | Lemon Model and Adverse Selection Definition

What Is the Principal-Agent Problem?


The principalagent problem is one that pops up all the time in our daily lives. How have you dealt with asymmetric information in the past?

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What Is the Principal-Agent Problem?

Econ in HD: Moral Hazard and Adverse Selection


An explanation of Moral Hazard and Adverse Selection using a simple example.

Enjoy!
(I am aware that the constant camera zoom adjustment is annoying. It is automatic and, for now, can’t be turned off.)

Econ in HD: Moral Hazard and Adverse Selection

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