Information Asymmetry

Information Asymmetry, the unequal access to information between sellers and buyers, said to be on the decline because of the internet.

Definition

From the Wikipedia article at http://en.wikipedia.org/wiki/Information_asymmetry

"information asymmetry occurs when one party to a transaction has more or better information than the other party. (It has also been called asymmetrical information). Typically it is the seller that knows more about the product than the buyer, however, it is possible for the reverse to be true: for the buyer to know more than the seller."