FTP, identify this condition which can result in moral hazard or adverse selection, an economic problem which arises when one party in a transaction knows more than the other.
Labor economist Beth Hayes pioneered the application of this concept to her field, writing a work about "Labor and Unions" under this condition. One early work by Michael Spence discussing this concept described ways to evade it during the hiring process and is entitled "Job Market Signaling." Another economist developed a way around this problem by utilizing a "menu of choices" and analyzing the actor's selection; that method is known as "screening." That work was written by Joseph Stiglitz, but this term was first utilized in a work which described the used car market, George Akerlof's The Market For Lemons. FTP, identify this condition which can result in moral hazard or adverse selection, an economic problem which arises when one party in a transaction knows more than the other.
Labor economist Beth Hayes pioneered the application of this concept to her field, writing a work about "Labor and Unions" under this condition.
{information asymmetry} (accept clear-knowledge equivalents)