"...In both these examples – and typically in economics – the information asymmetry is at one level and about one property only, the quality of the goods being

"...In both these examples – and typically in economics – the information asymmetry is at one level and about one property only, the quality of the goods being exchanged. This property is exogenous, that is it is not changed by the interaction between the buyer and seller." By recent Snowden leaks, we have evidence of information asymmetry in US trade negotiations with both the EU and South America. You would be a fool to play poker with a 900 pound gorilla who knows your cards. On the other hand, this may be the best windfall for popular outrage against the WTO and fomenting internal distrust among international cartel agreements.