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Revista de Economia Contemporânea

Print version ISSN 1415-9848On-line version ISSN 1980-5527

Abstract

HERSCOVICI, Alain. ASYMMETRIES OF INFORMATION, QUALITY AND CERTIFICATION MARKETS: THE NECESSITY OF AN INSTITUTIONAL INTERVENTION. Rev. econ. contemp. [online]. 2017, vol.21, n.3, e172136.  Epub Feb 22, 2018. ISSN 1980-5527.  http://dx.doi.org/10.1590/198055272136.

This paper aims to analyze, from Akerlof, Grossman and Stiglitz´s works about information asymmetries, the role that the different mechanisms of certification may assume to reduce the uncertainty in relation with quality. Such mechanisms may be applied to various social activities: environment, financial system, food industry, evaluation of the financial risk, services and goods quality, and so on. From an extended conception of quality, I will highlight how a reliable system of certification may reduce such asymmetries, and I will demonstrate why a private system based on a market logic is not able to achieve such an objective. Finally, I will indicate the alternative modes of governance that enable to design a reliable system of certification.

Keywords : information asymmetries; certification; opportunistic behaviors; social welfare; prices opacity.

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