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Contract failure
Contract failure describes a situation in which the consumer of a good or service is unable to evaluate its quality, thus incentivizing the producer to produce a lower quality good or service. Such behavior creates suboptimal economic conditions. Contract failure is one explanation for the existence of non-profit organizations, although even non-profits can fall victim to contract failure in the right situations. Contract failure is related to, but distinct from, market failure. Generally, non-profit organizations are more trusted because their corporate structures do not provide incentives to cheat.
== Information Asymmetry ==
The known cause of contract failure is called information asymmetry; when one party (the producer) has more information than the other party (the consumer) about a product or service. There is information inequality between the two parties. According to Young, there are three causes in which situations dealing with asymmetric information arise from, to include the following, 1) the quality of a product or service is too complex to be judged such as medical care or higher education; 2) the end consumer of the product or service cannot evaluate it him or herself such as a child in daycare or an elderly individual in a nursing home; and 3) the product or service is not consumed by the individual who purchased it, therefore the purchaser would never know if the producer delivered what was promised.〔
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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