Маркеры присутствия информационной асимметрии на рынках и методы ее снижения, представленные в современной экономической литературе
Rapid development of markets for experience and credence goods in XXI century has not yet been analyzed in Russian academical literature. Meanwhile these markets has institutionalized and changed organizational structure and rules of some markets, for instance, private tutors market (internet site www.repetitors.info) and home-rent market (internet site www.airbnb.com). In this article I analyze internet markets in context of assymetric information and adverse selection, comparing them to offline markets. Key thesis is that online markets without reputational mechanisms are less efficient compare to offline markets. I consider list of recent research of reputation on online markets which offer different mechanisms to avoid adverse selection on internet. I compare social interactions of consumers and web 2.0 (user-generated content) instruments. I conclude that online markets should help seller of experience good (or service) to build his reputation through stimulating his consumers to share information in their social accounts. In conclusion I suggest more directions for deeper analysis of these phenomena.
Book Review: Karpik L. (2010) Valuing the Unique: The Economics of Singularities, Princeton; Oxford: Princeton University Press (primum editae: Karpik L. (2007) L’économie des singularités, Paris: Gallimard).
Choosing a good novel, a fancy restaurant, artwork, or a qualified specialist practitioner cannot be understood with the help of theories of exchange mechanisms offered by economics. Lucien Karpik suggests the concept of “singularity” for analyzing consumer choice of high-quality unique goods. The main attributes of “singularities” include multidimensionality, uncertainty, and incommensurability. The important traits of markets for singularities include opacity and opportunism, the necessity for coordination mechanisms, the dominance of quality competition over price competition, and the impossibility to explain price setting with the supply-demand equilibrium. Markets for singularities contain judgment devices (e.g. guides, expert reviews, laureate lists) which help consumers to make a choice. These devices are used in order to reduce uncertainty, providing consumers with necessary knowledge. These devices include networks, certificates of quality, expert systems, ratings (composed by experts or developed by the market), techniques of consumer manipulation and forms of product demonstration at points of sales. Markets for singularities are governed on the basis of several coordination regimes. Thus, the “regime of authenticity” can be found within markets of expensive wine based on guarantees of quality. “Mega-regime” refers to situations where brand names signal a certain quality, such as global movie producers, luxury apparel manufactures, and so on. The “regime of expert opinion” exists within constrained markets, including books, movies, theatre performances, etc. The “regime of professional coordination” is applied to markets of personal services such as physicians or architects, where service suppliers are governed by professional ethics and associations. Prices for singularities are not determined by the standard equilibrium mechanism of supply and demand, but instead are set based on restraints of volume production. A market for a singularity also implies great discrepancies in prices for top-tier products by ratings versus goods produced for mass consumption.