Abstract

The aim of the article. The purpose of the article is to determine the nature of asymmetry of information and the features of its existence in the tourist market. The processes of interaction and relationships are emerged and realized through the formation, transfer and interchange of information. The results of the article. Market demand and supply are the information of market actors about their intentions and capabilities. Content of information flows, that connect them, plays a significant role in the functioning of the market. According to the above-mentioned nature of the market and considering the role of information for it, market can be represented as the plurality-theoretic model. The asymmetry of information, more specifically the asymmetry of information exchange is the result of uneven information provision of the entities of market relations. It is advisably to distinguish the nature of asymmetry of information as a fact and nature of the process and the consequences of its use by market entities. Asymmetry of information is an objective phenomenon at the time of its occurrence. The objective causes of the asymmetry of information, in particular, is the variability of the environment, such as market situation that does not allow having complete information for all market participants (time of changes in demand when buyer knows more about their preferences for every moment or a period of time), objective “obsolescence” of information and the unreliability of its sources, inability to have all existing information through large quantities and respectively to process it for further use. Therefore, the existence of information is not negative and not positive. It simply exists as other natural phenomena. Somebody always knows more, but the way of taking this information advantage depends on the intentions of a person, the subjective approach to the situation and the chosen ways of problem solving. Information advantage is ownership of such information, the use of which allows market entity to improve the process of its activities and to promote competitive status. The process of using asymmetry of information is a subjective phenomenon that depends on a person and can lead to positive or negative effects and therefore affect the functioning of the market. The negative effects of asymmetry of information are reduction of the share of honest producers, reduction of the availability of quality products and decrease of demand for products of particular producers. However, it is surprisingly that the presence of asymmetry of information can have positive effects, particularly, due to stimulation of honest sellers to improve their innovative activity in order to overcome asymmetry of information. In the tourism market in contrast to commodity market, the amount of information owned by buyer depends not only on an intermediary selling tourist services or tourism packages (tourism enterprise), but also on the producers of tourist services. The elimination of asymmetry of information in the tourism market is virtually impossible, because objective asymmetry of information will always exist for a buyer. Asymmetry of information on the tourist market has its own features regarding the origin, use and effects. This is due to the peculiarities of tourism enterprises and their cooperation with the suppliers of tourism services and the features of the tourism product as informational. Conclusions and directions of further researches. Generally, it should be noted that interest of the sellers in finding means of reducing the asymmetry of information is inherent to the tourism market as for other markets in conditions of strong competition if the sellers plan to operate in the market for a long time. Their task is to find effective methods of managing external information flows directed to potential customers that require further research.

Keywords: asymmetry of information, tourism market, model, information, market

JEL Classification: D83, L83.

Cite as: Ivanova, V. (2016). Asymmetry of information and its features in the tourist market. Marketing and Management of Innovations, 2, 31-38. https://doi.org/10.21272/mmi.2016.2-03

This work is licensed under a Creative Commons Attribution 4.0 International License

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