Chapter

Imperfect Information

Jean J. Gabszewicz

in Strategic Interaction and Markets

Published in print January 2000 | ISBN: 9780198233411
Published online November 2003 | e-ISBN: 9780191596292 | DOI: http://dx.doi.org/10.1093/0198233418.003.0005
Imperfect Information

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Concentrates on the consequences on the market solution of abandoning the perfect information assumption. Though this constitutes a broad topic not yet completely elucidated by theory, we limit ourselves to two illustrations. The first examines the effects of consumers’ imperfect information about prices on the market solution and the second is devoted to the same problem assuming now that consumers are not perfectly informed on the quality of the rival products.

Keywords: imperfect information; prices; product quality

Chapter.  4541 words.  Illustrated.

Subjects: Microeconomics

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