ECO 550 Strayer Univeristy The Problem of Asymmetric Information Discussion

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There  is frequent confusion about the terms asymmetric information, moral  hazard and adverse selection?  Asymmetric information is the cause,  moral hazard and adverse selection are the outcome.  This video is great  at explaining the connection between asymmetric information and adverse  selection.  https://www.youtube.com/watch?v=sXPXpJ5vMnU  Your job will be to explain what is the adverse selection problem faced by the labor market for police officers.

Many  police officer positions require the applicant to have a college degree  even though the tasks of a police officer rarely call upon college  course material. Why don’t police departments increase their applicant  pool by dropping this requirement? What problem is faced by each party in  the process of hiring police officers?  As you answer this question  think back to last week and the problem of Type 1 and 2 errors and the  human tendency to be risk-averse.  

 

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