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DBS IB Economics - Market Failure
                                    Ahh… it
                                           ’s HL

Information Asymmetry
Felex Lau
Jon Liu
Nick Wong
1Information to
Sellers > Buy
             er
               !
                s
Informa
        tion no
   to cons      t told
           umers
Informa
        tion no
   to cons      t told
           umers
                            less
          Consum  ers know
                          ould
            tha n they sh
Government
Response?
gulat ion
Re
       Government
       Response?
gulat ion
Re
       Government
       Response?
gulat ion
Re
       Government
       Response?
                Provision of
                Information
gulat ion
Re
       Government
       Response?
                Provision of
                Information
Licensure

   gulat ion
Re
       Government
       Response?
                Provision of
                Information
Licensure

   gulat ion
Re
       Government
       Response?
                Provision of
                Information
Inf
Buye
     ormati
       rs > S


                2
            on to!
              ellers
“Moral Hazard”
“Moral Hazard”

     …but doesn’t face the cost of the risks.
e insurance market
Th
Adverse Selection
Market of
health insuran
               ce
Safety in workplace
Safety in workplace
         Hidin g safety risks
3
R ecap
Regulation
                    Government response:

Sellers > Buyers
   Provision of Information
                                   Licensure



                             “Moral Hazard”
Buyers > Sellers
        Adverse Selection
                        Safety in Workplace
The End.
Thanks!
References	
  
         	
   Bilingual	
   Laws	
   Informa1on	
   System.	
   Department	
   of	
   Jus2ce,	
   n.d.	
   Web.	
   24	
   Oct	
   2012.	
   <h>p://
www.legisla2on.gov.hk/blis_ind.nsf/WebView?OpenAgent&vwpg=CurAllEngDoc*100*100*123#123>	
  
         	
  Coyoty.	
  “Blue	
  Screens	
  of	
  Life”.	
  Photograph.	
  Flickr.	
  Yahoo,	
  26	
  Oct	
  2011.	
  Web.	
  22	
  Oct	
  2012.	
  <h>p://
www.flickr.com/photos/30679992@N06/6286930267/>	
  
         	
   Davidson,	
   Kelly.	
   “Shopping	
   Cart”.	
   Photograph.	
   Flickr.	
   Yahoo,	
   13	
   Jan	
   2011.	
   Web.	
   24	
   Oct	
   2012.	
  
<h>p://www.flickr.com/photos/kellydavidson/5352106637/>	
  
         	
   “Food	
   labelling”.	
   Centre	
   for	
   Food	
   Safety.	
   The	
   Government	
   of	
   the	
   Hong	
   Kong	
   Special	
  
Administra2ve	
   Region,	
   22	
   Aug	
   2012.	
   Web.	
   24	
   Oct	
   2012.	
   <h>p://www.cfs.gov.hk/english/
consumer_zone/foodsafety_labelling.html>	
  
         	
   Hao,	
   Zheng.	
   “食物标签:了解它为你的饮食做更健康的选择”.	
   Nutri1on	
   Duo.	
   N.p.,	
   Aug	
   2010.	
  
Web.	
  24	
  Oct	
  2012.<h>p://nutri2onduoch.blogspot.hk/2010/08/blog-­‐post.html>	
  
         	
  “’How	
  to	
  Apply’	
  Series	
  and	
  FAQ”.	
  Food	
  and	
  Enviornmental	
  Hygiene	
  Department.	
  The	
  Government	
  
of	
   the	
   Hong	
   Kong	
   Special	
   Administra2ve	
   Region,	
   27	
   Feb	
   2012.	
   Web.	
   24	
   Oct	
   2012.	
   <h>p://
www.fehd.gov.hk/english/faq/licence/what_types_of_licences.html>	
  
         	
   IB	
   Learner	
   Profile	
   Booklet.	
   Interna2onal	
   Baccalaureate:	
   Cardiff,	
   2008.	
   Web.	
   <h>p://ibo.org/
programmes/profile/documents/Learnerprofileguide.pdf>	
  
         	
   “iPhone	
   5	
   Teardown”.	
   iFixit.	
   N.p.,	
   n.d.	
   Web.	
   22	
   Oct	
   2012.	
   <h>p://www.ifixit.com/Teardown/
iPhone+5+Teardown/10525/5>	
  
         	
   lungstruck.	
   “Medica2on”.	
   Photograph.	
   Flickr.	
   Yahoo,	
   5	
   Mar	
   2010.	
   Web.	
   24	
   Oct	
   2012.	
   <h>p://
www.flickr.com/photos/lungstruck/4409421695/>	
  
         	
   Stolk,	
   Gerard.	
   “Sale”.	
   Photograph.	
   Flickr.	
   Yahoo,	
   28	
   Dec	
   2011.	
   Web.	
   22	
   Oct	
   2012.	
   <h>p://
www.flickr.com/photos/gerardstolk/6587076433/>	
  
         	
   Who’s	
   Photo?.	
   “Council	
   House	
   safety	
   net	
   &	
   lights”.	
   Photograph.	
   Flickr.	
   Yahoo,	
   29	
   Dec	
   2010.	
  
<h>p://www.flickr.com/photos/whosphoto/5304003468/>	
  
	
  

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DBS IB Economics (HL) - Microeconomics: Information asymmetry

  • 1. ! DBS IB Economics - Market Failure Ahh… it ’s HL Information Asymmetry Felex Lau Jon Liu Nick Wong
  • 3.
  • 4.
  • 5. Informa tion no to cons t told umers
  • 6. Informa tion no to cons t told umers less Consum ers know ould tha n they sh
  • 8. gulat ion Re Government Response?
  • 9. gulat ion Re Government Response?
  • 10. gulat ion Re Government Response? Provision of Information
  • 11. gulat ion Re Government Response? Provision of Information
  • 12. Licensure gulat ion Re Government Response? Provision of Information
  • 13. Licensure gulat ion Re Government Response? Provision of Information
  • 14. Inf Buye ormati rs > S 2 on to! ellers
  • 16. “Moral Hazard” …but doesn’t face the cost of the risks.
  • 21. Safety in workplace Hidin g safety risks
  • 23. Regulation Government response: Sellers > Buyers Provision of Information Licensure “Moral Hazard” Buyers > Sellers Adverse Selection Safety in Workplace
  • 25. References     Bilingual   Laws   Informa1on   System.   Department   of   Jus2ce,   n.d.   Web.   24   Oct   2012.   <h>p:// www.legisla2on.gov.hk/blis_ind.nsf/WebView?OpenAgent&vwpg=CurAllEngDoc*100*100*123#123>    Coyoty.  “Blue  Screens  of  Life”.  Photograph.  Flickr.  Yahoo,  26  Oct  2011.  Web.  22  Oct  2012.  <h>p:// www.flickr.com/photos/30679992@N06/6286930267/>     Davidson,   Kelly.   “Shopping   Cart”.   Photograph.   Flickr.   Yahoo,   13   Jan   2011.   Web.   24   Oct   2012.   <h>p://www.flickr.com/photos/kellydavidson/5352106637/>     “Food   labelling”.   Centre   for   Food   Safety.   The   Government   of   the   Hong   Kong   Special   Administra2ve   Region,   22   Aug   2012.   Web.   24   Oct   2012.   <h>p://www.cfs.gov.hk/english/ consumer_zone/foodsafety_labelling.html>     Hao,   Zheng.   “食物标签:了解它为你的饮食做更健康的选择”.   Nutri1on   Duo.   N.p.,   Aug   2010.   Web.  24  Oct  2012.<h>p://nutri2onduoch.blogspot.hk/2010/08/blog-­‐post.html>    “’How  to  Apply’  Series  and  FAQ”.  Food  and  Enviornmental  Hygiene  Department.  The  Government   of   the   Hong   Kong   Special   Administra2ve   Region,   27   Feb   2012.   Web.   24   Oct   2012.   <h>p:// www.fehd.gov.hk/english/faq/licence/what_types_of_licences.html>     IB   Learner   Profile   Booklet.   Interna2onal   Baccalaureate:   Cardiff,   2008.   Web.   <h>p://ibo.org/ programmes/profile/documents/Learnerprofileguide.pdf>     “iPhone   5   Teardown”.   iFixit.   N.p.,   n.d.   Web.   22   Oct   2012.   <h>p://www.ifixit.com/Teardown/ iPhone+5+Teardown/10525/5>     lungstruck.   “Medica2on”.   Photograph.   Flickr.   Yahoo,   5   Mar   2010.   Web.   24   Oct   2012.   <h>p:// www.flickr.com/photos/lungstruck/4409421695/>     Stolk,   Gerard.   “Sale”.   Photograph.   Flickr.   Yahoo,   28   Dec   2011.   Web.   22   Oct   2012.   <h>p:// www.flickr.com/photos/gerardstolk/6587076433/>     Who’s   Photo?.   “Council   House   safety   net   &   lights”.   Photograph.   Flickr.   Yahoo,   29   Dec   2010.   <h>p://www.flickr.com/photos/whosphoto/5304003468/>