You land in New York city during a mid-summer heat wave. You've never been to the Big Apple so you head to the hotel, drop your bags and hit Central Park. Before entering the park, you buy a cold $4 bottle of water. It's expensive, but that's NY. Or so you think. After a few days of shopping in corner delis you realize that the true price of water in NY is actually much cheaper. You've been had! Economists call this type of market failure 'Asymmetric Information,'when one side of a transaction knows more than the other and prices are distorted as a result. In this episode, we discuss the 'lemon' market of online dating, insurance, banking and much more. In these dark times (literally, it gets late early out there in the winter!) we bring some fun to your ear. Enjoy!
A Correction Podcast is edited by Natalie Peart
Outro music this week is "Young Ladies" by Owa Brandstein
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