Freaky Vocab
What is an "Expert"?
Someone with more knowledge in a subject.
When did the KKK start losing their power?
When their secrets were exposed.
What concept does this statement belong to
The KKK and real estate agents had more information than others, giving them power.
Information asymmetry - Value of information
Power of secrecy - Self interest
Information asymmetry
What is the definition of "Corruption" in Freakonimic terms.
Using power unfairly for personal gain.
What do incentives effect?
How people behave.
What concept does this statement belong to
When the KKK’s secrets came out their power dropped because people outside of the clan could understand them.
Information asymmetry - Value of information
Power of secrecy - Self interest
Value of information.
What is the meaning of "Incentives".
Rewards or reasons people act a certain way (money, time).
"_______" is powerful, whoever knows more has an advantage.
INFORMATION
What concept does this statement belong to
The KKK stayed powerful because they had codes, titles, and ritual secrets.
Information asymmetry - Value of information
Power of secrecy - Self interest
Power of secrecy.
What does the Freaky term "Information Asymmetries" mean?
When one side knows more than the other
"_______" sometimes act in their own best interest not always in the client’s
AGENTS
What concept does this statement belong to
Both agents and groups act in ways that would benefit themselves.
Information asymmetry - Value of information
Power of secrecy - Self interest
Self Interest.