What's interesting is that broadly speaking, people acknowledge that negotiating with asymmetric information is immortal or wrong. Take the stock market for example, insider trading is illegal and you don't often hear calls to reverse these laws.
But when it comes to private markets and semi-private negotiations that same sentiment doesn't easily transfer. Does society benefit in some unique way for allowing asymmetries in labor negotiations, private markets like Uber, or B2C relations like Robinhood (1,2)?
1. https://www.sec.gov/newsroom/press-releases/2020-321
2. Note, Robinhood was fined not for front-runniny customers, just for falsely claiming customers received quality orders. I suspect theyve only stopped the latter behavior.
But when it comes to private markets and semi-private negotiations that same sentiment doesn't easily transfer. Does society benefit in some unique way for allowing asymmetries in labor negotiations, private markets like Uber, or B2C relations like Robinhood (1,2)?
1. https://www.sec.gov/newsroom/press-releases/2020-321 2. Note, Robinhood was fined not for front-runniny customers, just for falsely claiming customers received quality orders. I suspect theyve only stopped the latter behavior.