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This document summarizes the economic theory of asymmetric information. It discusses how information asymmetries between buyers and sellers can lead to adverse selection and lower quality goods ("lemons") in the market. The theory explains how market institutions have developed to mitigate these effects, such as branding, guarantees, and other signaling mechanisms. The paper reviews the key literature that established this theory and discusses applications and extensions of the theory to different markets.

Author

Ammi Julian

Language

EN