Page 488 - DECO401_MICROECONOMIC_THEORY_HINDI

O;f"V vFkZ'kkL=k osQ fl¼kar

uksV gksus okyh dfe;ksa ;k viw.kZrkvksa dk vè;;u fd;kA cktkj dh vlefefr;k¡ lalkèkuksa dk oqQ'kyrk ls vkoaVu
djus esa vliQy gksrh gSA ge uhps viw.kZ lwpuk dk fl¼kar rFkk blls lacafèkr leL;k,¡ rFkk gy dk vè;;u
djsaxsA

vlefer lwpuk dk fl¼kar (The Theory of Asymmetric Information)

vlefer lwpuk ,d ,slh fLFkfr gS tc ,d i{k (party) osQ ikl ,d fVdkmQ oLrq dh izÑfr] xq.k] rFkk
vU; fo'ks"krkvksa dh nwljs i{k ls vfèkd tkudkjh gksrh gS vkSj blfy, og ,d lkSns osQ ifj.kke dks izHkkfor
djrk gSA ;g izfrowQy pquko (adverse selection) rFkk uSfrd ladV (moral hazards) dh leL;kvksa
dks tUe nsrk gS] tks fuEufyf[kr gSaμ

izfrowQy pquko % yseUl dh leL;k (Adverse Selection : The Lemons Problems)
tc ,d i{k osQ ikl nwljs ls vfèkd lwpuk miyCèk gks] rks izfrowQy pquko dh leL;k mRiUu gksrh gS ftlls
pfdr djus okys ifj.kke mRiUu gksrs gSaA izks- ,djykWiQ (Akerlof) us vius izfl¼ ys[k The Market
for Lemons esa bu ifj.kkeksa dh O;k[;kvksa iqjkuh dkjksa osQ cktkj osQ mnkgj.k }kjk dh gSA nks izdkj dh
iqjkuh dkjsa gksrh gSaμ,d psjht (cherries) gSa] ftUgsa vPNk ekuk tkr gSA rFkk nwljh yseUl (lemons)]
ftUgsa cqjk ekuk tkrk gSA eku ysa fd ,d O;fDr ,d ubZ dkj [kjhnrk gSA og blosQ dk;Z (performance)
ls larq"V ugha gS rFkk blss oqQN eghuksa osQ ckn cspuk pkgrk gS ;|fi ;g vPNh fLFkfr esa gSA tc og bls
cspus dk iz;kl djrk gSS] tks fd ,d ubZ dkj osQ leku gh gS] rks mls laHkkfor xzkgdksa }kjk ,d cgqr de
dher dk izLrko fn;k tk;sxkA ,djykWiQ osQ vuqlkj] dkj.k ;g gS fd laHkkfor xzkgdksa osQ eu esa ,d
vlefer lwpuk fodflr gks xbZ gS fd dkj esa xM+cM+ gSA blfy, dkj dk ekfyd oqQN gh eghuksa osQ [kjhnus
osQ ckn bls cspuk pkgrk gSA vr% mls iqjkuh dkjksa dk vkSlr cktkj dher ij bls cspuk iM+sxk] D;ksafd ;g
iqjkuh dkjksa osQ cktkj esa laHkkfor xzkgdksa osQ fy, ,d yseu ([kjkc dkj) gSA foaQrq dkj dk ekfyd tkurk
gS fd mldh dkj ^psjh* gS tks ubZ dkj ftruh gh vPNh gSA vr% og bls cspus ls budkj dj nsrk gS D;ksafd
mls mlosQ fy, Bhd dher ugha feyrhA
bl izdkj iqjkuh vPNh dkjksa (psjht) osQ ekfyd viuh dkjsa ugha csprs rFkk cktkj esa osQoy cqjh dkjsa
(yseUl) gh fcdrh gSaA ;g xzs'ke osQ fu;e (Gresham’s Law) osQ leku gS tks dgrk gS fd ^^cqjk iSlk
vPNs iSls dks cktkj ls ckgj dj nsrk gSA** blh izdkj] ;g dgk tk ldrk gS fd iqjkuh dkj ekfoZQV esa cqjh
dkjsa vPNh dkjksa dks ckgj dj nsrh gSaA
vc ge ,d mnkgj.k dh lgk;rk ls bldh O;k[;k dgrs gSaA eku yks fd iqjkuh dkjksa osQ cktkj esa laHkkfor
xzkgd vPNh dkj dh dher 1,20,000 #- yxkrs gSa rFkk cqjh dkj (yseu) dh 60,000 #- A cktkj esa izR;sd
dkj osQ vPNs dkj ;k yseu gksus dh 50&50 laHkkouk gkssrh gSA vr% xzkgd ,d iqjkuh dkj osQ nksuksa izdkj
dh dkjksa dh vkSlr dher nsus osQ fy, rS;kj gks tk,xk tks 90,000 #- (= 1,20,000 + 60,000@2) gSA
nwljh vksj] ekfyd (foozsQrk) vPNh dkj dh dher 1,00,000 #- rFkk yseu dh dher 50,000 #- yxkrs
gSaA ;g fLFkfr izfrowQy pquko (adverse selection) dh leL;k dks tUe nsrh gSA izfrowQy pquko blfy,
gksrk gS D;ksafd foozsQrkvksa osQ ikl xzkgdksa ls csgrj tkudkjh gksrh gSA xzkgd osQ fy, iqjkuh&dkj cktkj esa
[kjhnus ls igys vPNh rjg [kjkc dkj esa Hksn djuk eqf'dy gksrk gSA

eku yks fd yseu dh dher 60,000 #- rFkk 90,000 #- osQ chp gSA rc vPNh dkj osQ foozsQrk mls ugha
cspsaxs D;ksafd mUgksaus viuh dkj dh dher 1,00,000 #- yxkbZ gSA D;ksafd cqjh dkj osQ fooszQrkvksa dks ,d
csgrj dher fey jgh gksrh gS tks fd 50,000 #- ls vfèkd gS] os viuh dkjksa dks cspus osQ fy, izLrqr djsaxsA
ifj.kkeLo:i] vPNh dkjksa dh fcØh ugha gks ik,xhA varr%] xzkgdksa dks eglwl gksxk fd cqjh dkjksa osQ feyus
dh laHkkO;rk vfèkd gSA blfy, iqjkuh dkj osQ cktkj esa iqjkuh dkjksa dh dher 60,000 #- rd de gks
tk,xh vkSj osQoy cqjh dkjsa gh fcosaQxhA

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