Asymmetric information can include situations in which there is simply incomplete information.What is the job of a college faculty member?Having gone to college, did I really know what my job as a faculty member might entail.Ok, I was suppose to teach classes, but is that all?

What about the other side of the question, the university is seeking a faculty member, let's say for economics.It may be rather easy to determine if I am trained in the field of economics, but it may be less clear about do I know how to teach, or can I meet all of the demand of a faculty member?

Screens and signals are all about, helping both parties resolve questions of uncertainty.

Every policy must be explored for unintended consequences.If we require a Ph.d degree in economics as a qualification for teaching managerial economics, what might be an unintended consequence?