In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. This creates an imbalance of power in transactions which can sometimes cause the transactions to go awry, a kind of market failure in the worst case. Examples of this problem are a...
Condition that information is known to some, but not all, participants.
A situation involving information that is known to some, but not all, participants. 
Expenses that cannot be adjusted or eliminated such as car payments or rental payments. Antithesis o