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ManagerialEconomics
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StrategicMisrepresentation
Sometimesitisimpossibletofindanypricesthatalwaysmakeitintheparties’individualinteresttoreporttruthfullyandtotradewhenevertradeisvalueincreasing.
Efficienttradeismoredifficulttoachievewhentheprobabilityofseller(buyer)havinglowcost(highvalue)ishigher.
ManagerialEconomics
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AParadox
,privateinformationmaycompletelypreventagreementeventhoughtherearesignificantgainstobehadfromtrade.
ManagerialEconomics
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TheDeBeersPractice
Buyersareofferedapacketofstones,called“sight”,,withoutanyattemptbyDeBeerstoestimatetheirvalueclosely.
ManagerialEconomics
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Pleasebeassured…
prepackagingfruitsandvegetablesingrocerystores
“block-booking”asetofmoviesfromagivenstudio
payingpercentageroyaltiestobookauthors
supplyingproductswithwarrantiesandmoney-backguarantees
ManagerialEconomics
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AdverseSelection
Besidestheincentivetomisrepresentvaluations,asecondsortofproblemarisingfromasymmetricinformationisadverseselection.
Economicinefficiency
Possiblemarketfailure
ManagerialEconomics
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AntiqueMarket
1000fakesandQthousandgenuineitems
Actualmarginalbenefitis(Q-1)/Qofthemarginalbenefitforgenuineantiques.
equilibrium
ManagerialEconomics
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0
2
3
5
7
8
1
2
3
8
supplyofgenuineantiques
combinedsupplyofgenuine
andfakeantiques
actualdemand
(marginalbenefit)
demand(marginalbenefit)
forgenuineantiques
Quantity(Thousandunitsamonth)
Price(Hundred$perunit)
MarketwithAdverseSelection
ManagerialEconomics
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0
2
8
F
8
c
d
combinedsupplyofgenuine
andfakeantiques
actualdemand
(marginalbenefit)
demand(marginalbenefit)
forgenuineantiques
Quantity(Thousandunitsamonth)
Price(Hundred$perunit)
MarketFailure
ManagerialEconomics
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AdverseSelectioninLending
Ahasaprojectgenerating$110(100%).Bhasaprojectgenerating$0(50%)and$220(50%).Bothprojectsneed$100investment.
Bothwillborrowwhentheinterestrateis5%.ButonlyBwillborrowwhentheinterestrateis15%,forwhichthebankwillsufferaloss.