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Article: Imperfect information for consumers
- Article from:
- Consumer Policy Review
- Article date:
- May 1, 2007
- Author:
CopyrightCopyright Association for Consumers Research May/Jun 2007. Provided by ProQuest LLC. (Hide copyright information)
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Dominic Lindley discusses information asymmetry, the increasing complexity of markets and the impacts this has on consumers' daily lives
Information asymmetry exists when consumers have incomplete, uncertain or complex information on which to make a decision. The increasing complexity of modern markets, alongside the delegation of responsibility to the individual consumer, means information problems are more likely to lead to consumer detriment complex markets. While many questions about products and services have concrete and available answers, many are not, leading to consumer confusion in areas where the right choice is imperative.
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