The existence of information asymmetry makes one party always lack confidence in the transaction because of the incomplete information obtained. For commodity trading, this cost is very expensive, but a solution can still be found. Let's take the second-hand car market as an example. For sellers, if they insist on selling only good cars and not "garbage trucks", the long-term reputation will increase the trust of buyers and greatly reduce transaction costs; For buyers, better strategies can also be formulated to eliminate "garbage trucks". Spencer and Stiglitz, the other two winners of this year's Nobel Prize in Economics, provide enterprises and consumers with ways to get rid of the weeds and keep the essence from various commodities.
Spencer's research focuses on the labor market. From his long-term observation, he found that there is information asymmetry between employers and candidates in the labor market. In order to find a better company, candidates often make great efforts to package everything from clothes to diplomas, and it is difficult to distinguish between good and bad. Here, Spencer put forward a concept called "acquisition cost". For example, for the employer, if the candidate has a degree that is more difficult to obtain, then this degree is more credible. For example, candidates with a Harvard diploma will be more credible than ordinary school diplomas. For the information asymmetry in the talent market, Spencer elaborated in detail in his doctoral thesis "The Signal of the Labor Market". No matter individuals, enterprises or the government, the "signal method" can provide great help when it is impossible to directly convey personal preferences or intentions. For example, debt management sends a signal that companies have good expectations for future earnings. An accurate signal that brand-name goods convey to consumers is that it is a kind of high-content creation, that is, it should be more expensive and valuable than ordinary goods. Of course, if the brand wants to maintain its position, it must produce in limited quantities. This theory can also explain why companies prefer to pay dividends to employees instead of cash. From the perspective of signal theory, dividends strongly express the company's good prospects.
Stiglitz is the most famous of the three winners. He has made great contributions to almost all fields of economics, including macroeconomics, monetary economics, public theory, international affairs and even development economics. When Stiglitz attended the "Brain Bank Forum" in Shenzhen, he expressed his concern and optimism about China's economic development as a world-famous economist, and specially signed his name to say hello to our readers. Stiglitz applied the information asymmetry theory to the insurance market. He pointed out that due to the information asymmetry between the insured and the insurance company, the average car owner neglected to maintain the car after purchasing the auto insurance, which led to the insurance company paying more than its ability to pay. The theoretical model put forward by Stiglitz to solve the problem is to let the insured choose between two insurance methods: high self-odds plus low premium and low self-odds plus high premium, thus solving the problem of adverse selection in the insurance process. In fact, the phenomenon of information asymmetry is more common and prominent in the modern financial field, especially in emerging markets, Southeast Asia and even Chinese mainland, and the emergence of corporate fraudulent loans, export fraudulent loans and bad debts of banks are closely related to this. Stiglitz is also an interesting person. He has taught in many famous universities such as Yale University, Princeton University, Oxford University, Stanford University and Columbia University, and served as the chairman of the Economic Committee of former US President Bill Clinton. During his tenure as chief economist of the World Bank from 65438 to 0999, he was forced to resign because of his fierce criticism of the IMF's rescue of the financial crisis in Southeast Asia, which caused a sensation. Stiglitz has always been outspoken and outspoken, and especially likes to speak for poor countries. He is the main culprit in shelling "Washington Knowledge". He was born in Gary, Indiana, a dirty industrial city in the midwest of the United States, where another great economist Samuelson was born.
Three scholars won the laurels for studying the theory of information asymmetry, which shows the incompetence of economists in developing countries from another side. All kinds of problems and risks brought by information asymmetry are particularly prominent and serious in the process of developing countries' transition to market economy, but rich practice has not produced advanced theories, which is worth pondering. What is hidden behind information asymmetry is actually moral hazard. When high-profile informatization is rampant in developing countries, the quality of people required by market economy has not kept up closely, or people's hearts are evil and always have to be served with heavy standards. This shows that technology can solve technical problems, but it can only solve technical problems and can do nothing about morality or personal preferences. The so-called "market is not omnipotent", "information is valuable", "information itself is the market", "there are frictions and transaction costs in the market", and even as Stiglitz said, "Adam Smith is not the only trump card". There seems to be nothing new in theory now, because it can't solve the institutional problems needed by the market economy at all.
Important Enlightenment of Information Asymmetry Theory
1. Fully understand the characteristics of the new economy and attach great importance to the great influence of information on the future sustainable economic and social development. We are entering a new economic era driven by information industry and based on new knowledge and technologies such as life science, metamaterials and space technology. This is a rapidly changing "risk economy" era full of uncertainty, high profits and high risks. In this era, the phenomenon of information asymmetry is everywhere in the market economy. The key problem is how decision makers from all walks of life try to grasp and understand more sufficient information, study the laws and trends of productivity development, and grasp the development trends of economy, technology and society. It can be predicted that in the new economic era, the "big fish eat small fish" in the past will no longer be the universal law, but will be replaced by "eat fast and eat slowly" and "eat all information and eat all information", and speed is the natural elimination way of the new economy. Only when we have enough information in time can we be confident, turn uncertainty into certainty, find the right direction and accelerate development.
2. In the process of the transformation of government functions, we should pay attention to the ways and methods of the government's role in economic operation. Market economy does not exclude government intervention in the market. The key is to study where intervention is needed, what means to intervene and how to intervene, so as to improve and develop the market economy. The application of economic means, legal means and administrative means should be based on the collection and research of relevant information, and all books, books, copying and copying are not acceptable. Especially after China's entry into WTO, we are in a disadvantageous position of insufficient information when applying market rules, so we should make preparations as early as possible to avoid detours.
3. Attach importance to the development and utilization of information resources and support the development of information service industry. We should constantly explore the economic functions of information and other related factors, turn them into real information wealth in time, and strive to develop their uses in economic and social development. It is necessary to overcome the obstacles in knowledge and ideas and establish a correct sense of information. The economically developed countries in the world regard the possession, development and utilization of information resources as a basic national policy, and the development and utilization of information resources are very popular. The proportion of information industry employees in the total employment of society has exceeded 50% in the United States and European countries, and it is close to 50% in Australia and Japan. In contrast, China is still in its infancy. Therefore, we should actively take measures to promote the construction and formation of the information market system and vigorously support the development of the information service industry. In particular, for the development and utilization of technical information and economic information resources in high-tech fields, experts and scholars in natural and social sciences should be organized to seize every minute to overcome difficulties, strive to develop, strive for new advantages in high technology and promote the development of the whole economy and society.