3 ms·
Except that people are quite often ripped off by car mechanics. Whenever there is an information asymmetry some proportion of the individuals with more knowledg
by Veen 6y ago
Except that people are quite often ripped off by car mechanics. Whenever there is an information asymmetry some proportion of the individuals with more knowledge will take advantage of it. I know nothing about cars, so when a mechanic tells me my car needs a $1000 repair, I have to take them at their word or get a second opinion, which is usually more effort than I'm prepared to expend. That sort of imbalance is irresistible to some people in all walks of life, including auto-repair, sales, and engineering.