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A market in which sellers have more information about the quality of a product than buyers, as described by George Akerlof, which can lead to a predominance of low-quality goods ('lemons').

A scenario where buyers and sellers have different information, leading to transactions where the seller has advantageous information over the buyer; often modeled by games where players have private information.

Actions taken by informed players to reveal information to uninformed parties. Signaling can lead to a separating equilibrium in games where some information is asymmetric.

After a transaction occurs, the party with more information may alter their behavior in a way that harms the other party, who cannot observe this change in behavior.

Games in which players have incomplete information about the other players (e.g., their payoffs, types, or preferences), and beliefs are updated using Bayes' Theorem following new information.

A technique used by the uninformed party to extract information from the informed party. It can sometimes lead to pooling equilibria.