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13 cards from this deck
Parties lack access to same info in transactions, leading to suboptimal decisions
One party has more/better info than the other in transaction
Party takes risks without bearing full consequences of actions
Under-consumed if left to market; benefits underestimated
Over-consumed if left to market; costs underestimated
Before a transaction occurs
After a transaction
Education and healthcare
Tobacco and excessive alcohol consumption
Subsidise or provide them to maximise societal welfare
Impose taxes, regulations, or bans to reduce consumption
Used car market where info asymmetry drives out quality cars
Non-excludable and non-rivalrous
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