Information Asymmetry

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Copyright: 2024
Pages: 9
Source title: Quantitative Measures and Warranty Coverage of the Risk of Misinforming
Source Author(s)/Editor(s): Dimitar Grozdanov Christozov (American University in Bulgaria, Bulgaria)
DOI: 10.4018/978-1-6684-8800-3.ch003

Keywords: Communications Theory / Information Science Reference / Information Value & Quality / Library & Information Science

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Abstract

The chapter discusses “information asymmetry” as the critically important phenomenon for the very existence of communication. Information asymmetry is the reason the parties need to communicate to allow acquiring needed information and reducing the uncertainty in making decisions, But, from the other side extends the competences as the factor causing misinforming. The chapter presents misinforming hazards by adding the issue of asymmetric competence and double-sided asymmetry. Information asymmetry is a necessary condition for communication, but also is a factor that may cause misunderstanding.

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