The Implications of the Fourth Industrial Revolution for Information Asymmetry on the Market: Selected Aspects
The Implications of the Fourth Industrial Revolution for Information Asymmetry on the Market: Selected Aspects

Summary/Abstract: Objectives: The identification and systematisation of the phenomenon of information asymmetry on the market in theoryand practice, and anticipating the impact of this phenomenon on the market and socio-economic relations in the eraof the Fourth Industrial Revolution.Research Design & Methods: Theoretical and cognitive studies, case studies, and inductive reasoning.Findings: In the era of the Fourth Industrial Revolution, the innovation and information sector determines changesin the direction, dynamics, and structure of socio-economic development, which means that information has becomean independent resource of special value. In the face of changes, the asymmetry of information on the market willdeepen. This is due to the growing gap between the exponential increase in knowledge and anti-knowledge, andthe limited, constant perception of the human brain and human tendency to opportunism, which means that in the fieldof information processing, artificial intelligence will be winning against human intelligence. Against this background,new threats are emerging that require new knowledge, skills, and competences from market participants and the state.Implications / Recommendations: Solving the problem of information asymmetry is a common economic good thatshould be co-created by all sides of social, market, and public relations through regulatory and educational mechanisms.It is better to anticipate the cooperation of human intelligence with that of machines rather than engage in a conflict. Theuse of rich information resources, including the selection of irrelevant, manipulated, or false information will becomea key skill of market participants, and the state should, through its tools, eliminate the negative effects of informationasymmetry.Contribution / Value Added: The subjective evolution of approaches to the phenomenon of information asymmetry fromclassical economics to behavioural economics, the identification of the relationship between information asymmetry andmoral hazard and their consequences, the exemplification of problems on the basis of positive economics in the conditionsof the Fourth Industrial Revolution.

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