Kovtun V. Information asymmetry in the system of competitive relations

The dissertation is devoted to the theoretical and methodological analysis of the influence of information asymmetry on the system of competitive relations in separate commodity markets and in the economy as a whole. The paper illustrates the growth of the spread of information asymmetry as the formation and development of the information economy, its penetration into all industries and spheres of economic activity. Subjectivization of the phenomenon of information asymmetry, its transformation from the objective characteristics of imperfectly competitive market to market failure due to the institutionalization of many inefficient market equilibria caused by the efforts of each party to the operation to exploit the uneven distribution of information between counterparties and counterparties operation, on the other hand, which leads to the multiplication of socially inefficient costs. It is established that the spread of information asymmetry in the economic system occurs through three main channels. Through the vertical channel information asymmetry is spread through the procedures of contracting and promotion of goods / services. A horizontal channel involves the spread of information asymmetry through a system of competitive relations within a relevant market or a set of related or complementary markets. Regulatory - involves the multiplication of information asymmetry in the economic system through the imperatives of regulatory influence of the state in the face of its authorities on the activities of individual economic entities. In the context of these three channels, information asymmetry also affects certain economic processes and phenomena, including competitive relations. Spreading through the vertical channel, it distorts demand and thus distorts the vertical competition between suppliers and buyers of goods. One of the most effective tools of such deformation is persuasive advertising, which overestimates the emotional component. Ultimately, there is a disturbance of the competitive balance. The spread of information asymmetry in the horizontal channel affects the competitive strategies of potential and actual competitors. According to the results of comparative analysis of retail markets for fuel and passenger air transportation it is established that information asymmetry weakens price competition, intensifies non-price, and finally profit. Spreading through the regulatory channel, information asymmetry changes the institutional environment of competition. The dissertation summarizes the tools of such change, including: lobbying by means, making regulatory decisions based on incomplete or inaccurate information provided by stakeholders, curbing cross-sectoral capital flows due to market concealment etc. To overcome the negative effects of information asymmetry on competitive relations, proposals have been developed to use the tools of competition advocacy and institutionalization of the competitive environment by the joint efforts of the subjects of state competition and information policy. A strategy of competition advocacy has been developed, the purpose of which is to form a competitive culture in society as a prerequisite for creating an effective competitive environment and the development of economic competition. Proposals for the institutionalization of the competitive environment in Ukraine are systematized in terms of channels of information asymmetry and cover the following set of institutionalization tools: legislative determination of the content and rules of vertical competition in the vertical channel; stimulating the development of product / price aggregators, electronic platforms, explaining the rules of comparative advertising and adopting the rules of professional ethics in competition in the horizontal channel; minimization of discretion of public authorities, clear methodological delineation of each type of their regulatory activity - in the regulatory. The range of common tasks of competition and information policy is determined, including: ensuring access of each economic entity to sensitive market information and development of information infrastructure for this purpose; formation of the institutional environment for the development of the economy; protection of intellectual property rights and stimulating the development of innovation competition in Ukraine; reviewing information products produced by the State Statistics Service of Ukraine.