Imperfect Information
"Stiglitz, by contrast, made his mark by identifying the ways in which the unregulated market does not work. The free market model, in its purest form, assumes that all actors have access to perfect information. Stiglitz's most influential work has begun with the assumption that people often act on imperfect information. If you assume imperfect information, he has found, an unregulated market often will fail to produce an optimal result."
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