Information asymmetry happens when buyers and sellers have different levels of information, leading to adverse selection in the market. Adverse selection occurs when one party, either the buyer or the seller, has hidden information about the product and makes buying or selling decisions based on that information. For example, in the used car market, buyers cannot know everything about the cars and cannot fully trust them. Because of this, they often try to buy used cars at lower prices to evaluate their quality. To make buyers feel more confident, sellers might promise to repair the car free of charge if it breaks within a year after purchase, protecting themselves against adverse selection. A successful transaction depends on strategies that align with the market’s specific characteristics. - Joseph’s “just my thoughts”
As a classical composer, Beethoven was the first to assign the work number 'Op.' to his works. Music scholars numbered the works of other famous classical composers after they had passed away. Beethoven believed that his work would be passed on to future generations, and he made it his responsibility to do so. Therefore, uncharacterized works were not given an 'Op.', leaving him with fewer works than other composers. This attitude influenced other composers and made them responsible for their creations. Since then, of course, the number of works by composers has decreased. The responsibility of one person can affect a generation and beyond. - Joseph's "just my thoughts"