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Balancing the Scales: Halakha, the Firm, and Information Asymmetries

Author

Listed:
  • Prager, J.

Abstract

Sellers are typically better about product quality and sales practices than are purchasers, and might be tempted to exploit their superior knowledge to deceive buyers. Firms themselves, buyers, and third-parties attempt to level the playing field with a variety of confidence-building measures, including reputational signals, purchaser monitoring, and government regulations. This pragmatic approach has its echoes in Halakha --Jewish law-- which, too, was concerned about information asymmetries and which introduced countervailing measures.

Suggested Citation

  • Prager, J., 1996. "Balancing the Scales: Halakha, the Firm, and Information Asymmetries," Working Papers 96-16, C.V. Starr Center for Applied Economics, New York University.
  • Handle: RePEc:cvs:starer:96-16
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    More about this item

    Keywords

    INFORMATION; ENTERPRISES; MANAGEMENT; LAW;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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