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Market Failure
Market Failure
15
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Definitions
Distortions in Economics
Distortions
Market Failure
Economics
Examination of how distortions impact the efficiency of price mechanisms in an economy.
Read more about Distortions in Economics.
Definitions
Adverse Selection
Adverse Selection
Asymmetric Information
Market Failure
Insurance
An economics term defined as the tendency for a contract to attract the types of agent that are least profitable for the issuer, often due to asymmetric information.
Read more about Adverse Selection.
Definitions
Asymmetric Information
Economic Theory
Market Failure
Information Economics
A situation where some participants in an economic transaction have access to more, or better, relevant information than other participants.
Read more about Asymmetric Information.
Definitions
externality
Economics
Externality
Market Failure
Public Goods
A comprehensive overview of the economic concept of externality, including its types and implications.
Read more about externality.
Definitions
Government Failure
Government Failure
Market Failure
Economic Policy
Pareto Efficiency
Government failure occurs when government intervention in the economy either does not lead to a Pareto efficient outcome or worsens the situation.
Read more about Government Failure.
Definitions
Harberger triangle
Harberger Triangle
Deadweight Loss
Welfare Economics
Market Failure
Government Failure
A geometric representation of the economic loss of welfare caused by market failure or government failure.
Read more about Harberger triangle.
Definitions
Incomplete Markets
Economics
Market Failure
Incomplete Markets
Arrow-Debreu Economy
Coase Theorem
Situations where certain goods or services cannot be traded because there is no organized market on which to trade.
Read more about Incomplete Markets.
Definitions
Information Asymmetry
Economics
Market Failure
Information Asymmetry
Information asymmetry occurs when one party in a transaction has more or better information than the other party.
Read more about Information Asymmetry.
Definitions
Lemon
Lemons
Market Failure
Information Asymmetry
An unsatisfactory product where quality cannot reliably be checked before purchase.
Read more about Lemon.
Definitions
Market Failure
Market Failure
Economics
Government Intervention
Externalities
Public Goods
An examination of market failure in economic contexts, its sources, and implications for government intervention.
Read more about Market Failure.
Definitions
Market for Lemons
Asymmetric Information
Market Failure
Economics
Used-Car Market
Theory
An economic theory that describes how asymmetric information can cause market failure, often illustrated through the used-car market.
Read more about Market for Lemons.
Definitions
Monopoly
Monopoly
Market Failure
Economic Inefficiency
A market condition in which there is only one seller.
Read more about Monopoly.
Definitions
Moral Hazard
Economics
Market Failure
Asymmetric Information
Principal-Agent Problem
The observation that a contract promising payment for certain events changes behavior to increase the likelihood of these events.
Read more about Moral Hazard.
Definitions
Public Good
Public Good
Economics
Market Failure
Public Finance
A formal entry for the term 'Public Good' in Economics
Read more about Public Good.
Definitions
Shadow Prices
Economics
Pricings
Opportunity Costs
Externalities
Market Failure
Definition and meaning of shadow prices in economics.
Read more about Shadow Prices.
Economics Terms Lexicon
Ultimate Dictionary of Economics and Beyond.
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