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What is Asymmetric Information

Evaluating Challenges and Opportunities for Healthcare Reform
An economic concept where parties have different amounts of information on a shared topic.
Published in Chapter:
The Economics of Health: An Overview of the American Healthcare System
Sean Michael Haas (The University of Texas at Dallas, USA), Sanjana Janumpally (The University of Texas at Dallas, USA), and Brendan Lamar Kouns (The University of Texas at Dallas, USA)
Copyright: © 2020 |Pages: 25
DOI: 10.4018/978-1-7998-2949-2.ch005
Abstract
The American healthcare system is vast and complex. An overview of the United States' healthcare system provides a view into the interrelated dynamics between three categories of factors: consumers, intermediaries, and providers. Consumers demand health inputs in order to produce health status that allows them to live productive lives. Intermediaries, such as insurance companies and government programs, reduce the direct cost of healthcare for consumers. Providers, such as hospitals and physicians, amongst others, have historically exhibited a degree of monopolistic power in the healthcare market. The modern trend towards managed care organizations, firms that vertically integrate multiple aspects of the healthcare market, aims to reduce costs imposed by such providers.
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More Results
Value Creation through Social Alliances: Theoretical Considerations in Partnership Relationships
Asymmetric information is transferred information between alliance partners gaining more advantage to one partner than the others and does not providing a mutual gain for all partners.
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Knowledge and Intellectual Property Rights: An Economics Perspective
Occurs when one party to a transaction has more information than another and can use this information for its own advantage.
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Patients and Physicians Faced to New Healthcare Systems
This term refers to situations in which contractual parties have differing amount of relevant information. Such situations can be adverse selection situation or moral hazard situation.
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The Power of Incentives in Decision Making
Information asymmetry occurs when one party to a transaction has more or better information than the other party.
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Consumer Privacy Regulations: Considerations in the Age of Globalization and Big Data
Asymmetric information occurs in circumstances in which two actors have different amounts of information. This asymmetry creates an imbalance of power, which can cause market failure.
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Predicting Global Financial Meltdown and Systemic Banking Failure: An Assessment of Early Warning Systems (EWSs) and Their Current Relevance
A situation characterised by lopsided information and power relationships, wherein one actor group party to a financial contract has much less accurate information than any of the others. Asymmetries of information within banking systems and financial infrastructure often lead to three basic problems within an economic ecosystem: adverse selection, moral hazard, and economic contagion.
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The Role of Information in Decision Making
Asymmetric information occurs when one party to a transaction has more information than another and can use this information for its own advantage.
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Economic Incentives and the Knowledge Economy
Information asymmetry occurs when one party to a transaction has more or better information than the other party.
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