The failure of two parties to a transaction to have the same relevant information. Examples are buyers who know less about product quality than sellers, and lenders who know less about likely default than borrowers. Both are common in international markets.
Information that is known to some people but not to other people.
Information that is known to some people but not to other people. 
Information that is known to some people but not to other people.
Asymmetric information, or information asymmetry, occurs when one party in a transaction has greater information about the topic at hand than the other party.