ARBUS202 Lecture Notes - Lecture 8: Thomas Tusser, Predictably Irrational, Dan Ariely
9 May 2016
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A fool and his money, be soone at debate: which after with sorrow, repents him to late . It is against this backdrop that consumers are expected to examine, judge, and test. What does a buyer need if they are to beware: specifics, details, information, opportunity to examine it, comparatives, choice. Information is either: symmetrical or asymmetrical: symmetrical information: each players has the same information. I know you know the car is junk. I know you know that i know the car is junk: asymmetrical information. You know the condition of the car. What i know is based on what i see, and what you tell me. Knowing that you don"t have the right information is also important. Buyers need all the information they can get in order to make an informed decision. Sellers will want to control the information that the buyer gets. You know more about you than companies do.
