Why Intermediaries … Transaction Costs
{"Image DocumentName": "Why Intermediaries? \u2026 Transaction Costs", "Image ImageDescription": "Economies of scale. Expertise: information specialists to handle adverse selection and moral hazard problems. What went wrong? \u2026 Perverse incentives. Asymmetric Information Problems. Adverse selection before a transaction. Lemons problem Moral hazard after the transaction. Debt & risky behavior\u2026insurance & risky behavior. Managers and principal - agent problem. Conflicts of interest.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}