DBS IB Economics (HL) - Microeconomics: Information asymmetry

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1. The document discusses different types of market failure including information asymmetry, moral hazard, and adverse selection. 2. It outlines how sellers may have more information than buyers, and how this can lead to government intervention through regulation and information provision. 3. The document also discusses how insurance markets can experience moral hazard and adverse selection, and how these issues relate to workplace safety regulations.

Education

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

Information Asymmetry
Felex Lau
Jon Liu
Nick Wong

Informa
tion no
to cons t told
umers
less
Consum ers know
ould
tha n they sh

gulat ion
Re
Government
Response?
Provision of
Information

Licensure

gulat ion
Re
Government
Response?
Provision of
Information

“Moral Hazard”

…but doesn’t face the cost of the risks.

Safety in workplace
Hidin g safety risks

Regulation
Government response:

Sellers > Buyers
Provision of Information
Licensure

“Moral Hazard”
Buyers > Sellers
Adverse Selection
Safety in Workplace

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”.
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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

2. 1Information to Sellers > Buy er ! s

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

7. Government Response?

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

15. “Moral Hazard”

16. “Moral Hazard” …but doesn’t face the cost of the risks.

17. e insurance market Th

18. Adverse Selection

19. Market of health insuran ce

20. Safety in workplace

21. Safety in workplace Hidin g safety risks

22. 3 R ecap

23. Regulation Government response: Sellers > Buyers Provision of Information Licensure “Moral Hazard” Buyers > Sellers Adverse Selection Safety in Workplace

24. The End. Thanks!

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/>

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