Thursday, April 19, 2007

Why are so many products so bad? Assymetrical information theory

Does this explain why we can't buy a good toaster any more? Or why pet food doubles as a euthenasia agend?
Schneier on Security:

...In a market where the seller has more information about the product than the buyer, bad products can drive the good ones out of the market...
This is asymmetric information theory, which won a Nobel in 2001. In a market where brands are not meaningful, doesn't the seller always have more product information than the buyer?

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