Economics Dictionary of Arguments

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Information economics: Information economics studies how information is valued, distributed, and impacts decision-making within economic systems. It delves into how asymmetry in information between parties affects markets, prices, and outcomes. See also Information, Asymmetry, Economics, Economy, Decision-making processes.
Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments.

Author Concept Summary/Quotes Sources

George A. Akerlof on Information Economics - Dictionary of Arguments

Mause I 166
Information Economics/Akerlof: Information Economics takes into account a new form of market failure: informational market failure. (1)
Problem: Suppliers and consumers in markets are generally (...) not fully informed about market developments. The acquisition and processing of market-relevant information - unlike in the model world of perfect competition - involves costs in the form of time, energy and money.(2)
>Market Failure/Stigler
, See Asymmetry/Arrow.

1. G. A. Akerlof, The market for ‚Lemons‘: Quality uncertainty and the market mechanism. Quarterly Journal of Economics 84 (3) 1970 p. 488– 500.
2. G. J. Stigler, The economics of information. Journal of Political Economy 69 (3): 1961, p. 213– 225.

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments
The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

EconAker I
George A. Akerlof
Robert J. Shiller
Animal spirits: How human psychology drives the economy and why it matters for global capitalism. Princeton 2009

EconAker II
George A. Akerlof
Rachel E. Kranton
Economics and identity 2000

EconAker III
George A. Akerlof
Rachel E. Kranton
Identity and the economics of organizations

Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

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