|Market failure: Possible causes of market failure may be externalities (external effects) i.e. influence of an uninvolved party on a situation; problems related to social goods or public goods (e.g. overfishing); natural monopolies (e.g. access to the sea); information asymmetry (between seller and buyer, between entrepreneurs and employees)._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. |
|Mause I 166
Market Failure/Information/Information Markets/Stigler: Problem: Suppliers and demanders in markets [are] generally (...) not fully informed about market developments. The acquisition and processing of market-relevant information - unlike in the model world of perfect competition - involves costs in the form of time, energy and money. (1)
1. G. J. Stigler, The economics of information. Journal of Political Economy 69 (3): 1961, p. 213– 225._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
George J. Stigler
Gary S. Becker
De Gustibus Non Est Disputandum 1977
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018