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《China Economic Quarterly》 2004-01
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Information Asymmetry, Adverse Selection and Market Equilibrium

SHIYUAN PAN JINCHUAN SHI (Zhejiang University)  
There is a common implicit assumption in almost all the literature regarding infor- mation asymmetry and adverse selection that one firm can only supply single quality product.The thesis mainly discusses the relationship between information asymmetry and adverse selection through one model on the assumption that one firm can supply not only high-quality products but also low-quality products.The conclusion indicates that the degree of adverse selection brought about by information asymmetry may be not so serious as mentioned by some researchers,even nonexistent.The model also shows that the wealth owned by consumers will have great effects on the degree of adverse selection and there is negative correlation between the amount of wealth and the degree of adverse selection,which can justify why the phenomenon of counterfeiting is so pop- ular in the developing countries such as China.In the end,the case of Longjing tea in Zhejiang province is cited to support the above conclusion.
【CateGory Index】: F062.5
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