Running head: ASYMMETRIC INFORMATIONASYMMETRIC INFORMATION:Name:Institution affiliation:Date:1ASYMMETRIC INFORMATION2Asymmetric informationAsymmetric information which is also referred to as information failure occurs when onepart has more material knowledge in comparison to the other party that they are communicatingto. This is mostly the case whenever the seller of a certain good or service has more knowledgein comparison to the buyer, although the reverse is also a possibility (Hubbard, 2009).In this case, the reason as to why many policy positions require the applicant t to have acollege degree even though most of the policing tasks rarely require knowledge acquired throughcollege course material is because of asymmetric information.This is so since a college degree is usually associated with instilling into an individualhuman capital as well as skills needed to handle most tough situations that characterize policework. The skills, as well as human capital an individual gains from college that are perceived tobe of the essence when handling police work in the field, include a great personality, ability tohandle tough situations, ability to deliver desi ...
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