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Towards the General Theory of Information Asymmetry
Abstract
Information imperfections of various kinds are present around us and information asymmetry is one such kind. The phrase “information imperfection” indicates information which is less than ideal for many conceivable reasons. The concept of “information asymmetry” is different, and indicates the presence of more information at one end of an informational distribution. The purpose of this chapter is not to provide a literature review of information asymmetry but to (1) build on previous work, (2) suggest a set of concepts, and (3) describe examples of information asymmetries in order to propose a framework for a general theory of information asymmetry. To this end, this chapter provides a brief overview of the concepts of information asymmetry and information imperfection. It also proposes a set of four concepts considered to be of importance in understanding information asymmetry; describes two major categories of information asymmetries; discusses different types of informational disturbances; and finally discusses the potential effects of information asymmetries.
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