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DOI: http://doi.org/10.31617/visnik.knute.2018(120)02

UDC330.522.7

SVYSTILNYK Victoriia,
Postgraduate student at theDepartment of Economic Theory and Competion Policy of
Kyiv National University of Trade and Economics
 
INFORMATION ASYMMETRY TOOLS IN THE MARKETS OF CONSUMER GOODS AND SERVICES
 
Background. Information asymmetry is one of the most significant market problems. The spread of this phenomenon in the market leads to deformation of competitive relations, lob­bying, and for the consumer usually ends with so-called unfavorable selection or moral hazard.
Analysis of recent researches and publications has shown that despite the presence of a large number of scientific works of both foreign and domestic economists on the prob­lems of information asymmetry, the issue remains open, especially as regards the impact of information asymmetry on competitive relations in one or another market.
The aim of the article is to identify possible areas and tools of information asym­metry in the market of consumer goods and services, analysis of examples of their effective­ness in the Ukrainian economy.
Materials and methods. An analysis of tools for expanding information asymmetry in consumer goods and services markets was conducted using an empirical analysis carried out on the basis of statistical data provided by the Antimonopoly Committee of Ukraine and the State Service of Ukraine for Food Safety and Consumer Protection.
Results. The study found that the Ukrainian consumer market has a significant potential for development, but one of the main reasons that inhibits it is a significant infor­mational asymmetry at all levels of competitive relationships. The main methods of disse­minating information asymmetry are advertising and unfair competition. As a result of the existence of information asymmetry in the consumer goods and services market, the price and quality of a product or service are most affected. Most threatened are the markets for goods that need to be checked and trustworthy goods.
Conclusion. In the market of consumer goods and services, the most common tools that determine the active dissemination of information asymmetry are: concealing informa­tion about the actual quality of goods and services; distribution of false information about goods and services, their quality, price, performance characteristics, etc.; misuse of signs; copying the appearance of a competitor’s product; discrediting competitors; misuse of their business reputation; creating obstacles for other economic entities in the process of com­petition; achievement of unlawful advantages in competition; unlawful collection, disclo­sure and use of confidential information. As a result, consumers are virtually unable to make an effective economic choice, being forced to incur additional transaction costs for the search and verification of information, as well as losses from unsuccessful choices, and consumer welfare is reduced due to an increase in such costs and losses. And if the uneven distribution of information is rooted in market institutions, then losses will be borne not only by individual consumers, but also by all market participants who suffer from ineffec­tive distribution of resources and revenues in society and the economy as a whole.
 
Keywords: consumer market, consumer goods and services market, information asymmetry, unfavorable selection, unfair competition.

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