曼昆《经济学原理》frontiers--(汉魅hanmei—经济金融类汇总分享)

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1、22FrontiersofMicroeconomicsASYMMETRICINFORMATIONAdifferenceinaccesstorelevantknowledgeiscalledinformationasymmetry.HiddenActions:Principals,Agents,andMoralHazardMoralHazardMoralhazardreferstothetendencyofapersonwhoisimperfectlymonitoredtoengageindishonestorotherwiseunde

2、sirablebehavior.Employerscanrespondtothemoral-hazardprobleminvariousways:Bettermonitoring.Highwages.Delayedpayment.HiddenActions:Principals,Agents,andMoralHazardMoralHazardAnagentisapersonwhoisperforminganactforanotherperson,calledtheprincipal.Theprincipalisapersonforwh

3、omanotherperson,calledtheagent,isperformingsomeact.HiddenActions:Principals,Agents,andMoralHazardAdverseSelectionAdverseselectionreferstothetendencyforthemixofunobservedattributestobecomeundesirablefromthestandpointofanuniformedparty.HiddenActions:Principals,Agents,andM

4、oralHazardExampleofAdverseSelection:Manytimepotentialbuyersmaynotevenconsiderusedcarsbecausetheysurmisethatthesellersknowsomethingbadaboutthecars.Thisisalsoknownasthelemonsproblem.Insurance—Peoplewithhiddenhealthproblemsaremorelikelytowanttobuyhealthinsurancethanthosewi

5、thgoodhealthIncertainlabormarkets,ifafirmreducesthewageitpays,highproductivityworkerstendtoquit.SignalingtoConveyPrivateInformationHowdoMarketsrespondtoAsymmetricInformation?SignalingSignalingreferstoanactiontakenbyaninformedpartytorevealprivateinformationtoanuninformed

6、party.ScreeningScreeningoccurswhenanactiontakenbyanuniformedpartyinducesaninformedpartytorevealinformation.AsymmetricInformationandMarketsThestudyofasymmetricinformationgivesusnewreasontobewaryofmarkets.AsymmetricInformationandPublicPolicyWhensomepeopleknowmorethanother

7、sdo,themarketmayfailtoputtheresourcestotheirbestuses.AsymmetricInformationandPublicPolicyAlthoughasymmetricinformationmaycallforgovernmentaction,threefactscomplicatetheissue:PrivatemarketscansometimesdealwithinformationasymmetriesontheirownThegovernmentrarelyhasmoreinfo

8、rmationthantheprivateparties.ThegovernmentitselfisanimperfectinstitutionPOLITICALECONOMYPoliticaleconomy(publi