Danistya Smara Putri Kelas Pengantar Ekonomi - M

1706058142 Universitas Indonesia, Depok

RANGKUMAN KULIAH UMUM CHATIB BASRI
SELASA, 12 DESEMBER 2017

FRONTIERS OF MICROECONOMICS
Chapter 22 (N. Gregory Mankiw)

• How does asymmetric information affect market outcomes?

• How can market participants reduce the resulting problems?
• 2 pertanyaan tentang political economics

ASSYMETRIC INFORMATION:
-A difference in two or more parties’ access to relevant knowledge
-“Market for Lemons” teori dari Akerlof
-Pepatah Jawa: kalau kita sering ketemu dengan orang maka probabilitas kita jatuh cinta
sama dia meningkat

Hidden Actions
-One person knows more than another about an action he or she is taking
-Moral hazard: tendency of a person who is imperfectly monitored to engage in dishonest or
otherwise undersirable behaviour
-Contoh hal yang paling gampang: asuransi kesehatan/jiwa, moral hazard à kalo sakit bakal
ditanggung, orang jadi reckless; asuransi mobil, moral hazard à kalo terjadi apa-apa,
asuransi menanggung
-Yang tau kita akan reckless atau tidak adalah kita sendiri, asuransi ga bisa membedakan
anda jujur/ga. Idealnya: orang reckless premi lebih tinggi dari orang yang berhati-hati
-Monitoring cost
-Solusi: bikin tingkat bunga rata-rata, untuk mereka yang barisan depan, interest rate akan
tinggi, kalo mereka yang reckless, interest rate rendah, tapi dampaknya pasar akan dikuasai
orang reckless à adverse selection

Moral hazard problems:

-workers sometimes shirk their responsibilities because their employer cannot continually
monitor their effort and performance
-someone whose property is insured may not try as hard to protect it from theft/damage
-while the parents are out, the babysitter may spend more time watching videos than watching
the children
-Contoh: mobil Fortuner second-hand dijual à “market for lemons” à asymmetric information
(yang tau betul adalah pemilik mobil) à orang menganggap “ini dijual pasti ada yang ga
bener”
-Contoh: before apps like Uber à asymmetric information
-Contoh: mencari jodoh à kalau kalian disclose sebanyak information yang bisa anda beri,
maka probabilitas ketemu jodoh yang pas lebih tinggi

Hidden characteristics
-One person knows more than another about the attributes of a good he is selling

The Principal-Agent Problem:

-Agent: a person who is performing a task on someone else’s behalf (e.g., worker)
-Principal: the person for whom this action is being performed (e.g., an employer)
-Contoh: agent à DPR, principal à rakyat
-Contoh: pemerintah pusat tidak ingin dikaitkan dengan pemerintah daerah
-When the principal cannot perfectly monitor the agent’s behaviour, there is a risk (“hazard”)
that the agent may do something undesirable (“immoral”)
-Example: worker may play video games or surf the web while on the clock
Danistya Smara Putri Kelas Pengantar Ekonomi - M
1706058142 Universitas Indonesia, Depok
-Solusi: create incentive
-Contoh: seringkali uang dari pempus ke pemda tidak didisperse, implikasi adalah proyek
tidak jalan, mandek, pembangunan tidak jalan. Saat Chatib Basri menjadi Menkeu, ide à
punishment apabila tidak didisperse, kalo ga diexecute, uang ditahan. Solusi lainnya apabila
proyek tidak sukses, pemda tidak akan dipilih lagi, krn org secara rasional akan memilih org
lain. Realitasnya tidak. Alternatif lain ada hukum yang mengatur bahwa salary akan ditahan
apabila program tidak jalan, ternyata apabila salary ditahan, tidak menjadi dampak signifikan
-Sampai sekarang belum ada solusinya

How Principals May Respond:

-Better Monitoring: hidden cameras to increase the chance of detecting undesirable behaviour
-Higher wages
-Delayed payment

Corporate Management
Solution:
-Shareholders hire a board of directors to oversee management, create incentives for
management to pursue the firm’s goals instead of their own
-Corporate managers sometimes
-Board of directors à Board of commissioners (tidak hanya pemegang saham), dipilih dari
rakyat à Independent commissioners

HIDDEN CHARACTERISTICS AND ADVERSE SELECTION

-Adverse selection: arises when the seller knows more than the buyer about the good being
sold
-Example 1: market for used cars. The seller knows more than the buyer, owners of lemons
are more likely to put their vehicles up for sale, so buyers are more likely to avoid used cars,
owners of good used cars are less likely to get a fair price, so may not bother trying to sell
-Forex à yg drive pasar itu justru adalah asymmetric information
-Example 2: insurance. Buyers of health insurance know more about their health than health
insurance companies, people with hidden health problems have more incentive to buy
insurance policies

Signaling:
-Action taken by an informed party to reveal private information to an uninformed party
-Individual selling a good used car provides all receipts for work done on car
-Dealership provides warranties to signal product quality to buyers
-Highly competent workers get college degree to signal their quality to employers
-Contoh: IP dalam melamar kerja à menjadi signal untuk HR; LinkedIn

Screening:
-Action taken by an uninformed party to induce informed party to reveal private information
-Health insurance company requires physical exam before selling policy
-Buyer of a used car requires inspection by a mechanic

ASSYMETRIC INFORMATION AND PUBLIC POLICY

-Asymmetric Information: may prevent market from allocating resources efficiently
-Public policy may not be able to improve on the market outcome: private markets can
sometimes deal with the problem using signalling or screening

PRICE DISCRIMINATION IN THE REAL WORLD

-Perfect price disc: not possible in the real world
-Price disc: firms divide customers into groups based on WTP, such as age
-Example: movie tickets (diskon untuk senior, student), airline prices (diskon untuk Saturday-
night stayovers). Informasi dapat dilihat secara fisik
Danistya Smara Putri Kelas Pengantar Ekonomi - M
1706058142 Universitas Indonesia, Depok

DIGITAL TECHNOLOGY
Digital technology in labor has a change to increase Indonesia’s GDP by USD 35 billion by
2025.

Fintech and disruption:

-Contoh disruption: Internet à orang tidak lagi menggunakan post card à bisnis surat hilang
à kantor pos mengirim dokumen, dll à mayoritas org menggunakan email, whatsapp, dll
untuk surat menyurat
-Contoh: CD-ROM à USB, hard-drive à akan hilang juga, diganti Cloud, Dropbox,
GoogleDocs

Digital revolution in Indonesia

-Mobile internet
-Cloud technology
-Internet of Things
-Big Data and advanced analysis

Middle class: opportunity for creative industry

-Kenapa bisa pengaruh kepada digital technology?
-Typical middle class à punya smartphone
-Engel’s Law: as income rises, the proportion of income spent on food falls, even if absolute
expenditure on food rises.
-Contoh behavior middle class: restoran fine-dining sekarang harus membuat reservasi, beda
dengan jaman dulu à “see and to be seen” behavior; org nonton konser ke Melbourne, ke
Singapore

Disruptive innovations in general:

-Reduce transaction cost
-Contoh: makelar, broker (third parties) à biaya transaksi lebih mahal. Contoh: distributor
beras, karena petani ambil untung, distributor ambil untung
-Minimize asymmetric info
-Contoh: taksi konvensional (asymmetric information) à Uber
-Implikasi: semua pasar bisa dicreate, contoh: pasar untuk penggemar sneakers ada app
untuk tahu harga Yeezy turun, sale untuk New Balance
-Provide access, efficient
-Contoh: jasa peminjam uang untuk rakyat di desa à operational cost tinggi à solusi: lending
tanpa bertemu langsung dgn borrower menggunakan big data à “Kita bikin kesalahan, Tuhan
mungkin memaafkan, tapi Google tidak bisa memaafkan” à algorithm dari digital footprint à
credit score. Bedanya dengan bank: bank tidak bisa screening dari belakang
-Create new markets
-This is not the first time: the issue is more on adjustment process
-Political economy: 1st industrial revolution vs 4th industrial revolution

Financing in Indonesia: transaction cost and asymmetry

-Size of the country: making transaction cost become very high
-Credit score: making monitoring cost become very high
-Interest rate or access?
-Commercially viable
-Contoh: shopkick, filosofi: appreciate the buyer
-Contoh: subscription to borrow clothes

Fintech on banking (Stress test Bank of E

-Income from overdraft
Danistya Smara Putri Kelas Pengantar Ekonomi - M
1706058142 Universitas Indonesia, Depok
-Fee income, tidak perlu EDC pada bank tertentu
-Pay more to reduce liquidity risk
-Cyber risk
-Contoh: cabang bank à obsolete
-Contoh: bitcoin, bubble, tulip mania

Blockchain:
-A distributed ledger system that enables transactions to be verified and approved by all
participants in the exchange before it becomes part of the chain
-One of fintech’s main advantages, apart from its ability to be far more agile then its billion
dollar counterparts, is its ability to tackle highly

Kenapa dari fintech belum ada yang menjadi dominant player padahal inovasi begitu banyak?

Tetapi, di dunia fintech tidak seperti ini.

Yield
Return on investment

Market share

The Role of Regulators:

-Product cycle (dari 1 barang pindah menjadi produk baru) is getting shorter. Contoh: hard-
drive à CD-ROM à flashdisk à cloud
-Regulators will find it difficult to catch up to innovations. Contoh: larangan gojek, hanya
bertahan beberapa jam
-Level playing field
-Agree on principal rather agree on rules
-Balance between innovation and consumer protection
-Regulators should be guided by their ultimate goal of best promoting national interest

Inequality
-Income gap: 1. Labor and capitalist; 2. Very high skilled and unskilled worker
-Implikasi pada dunia pendidikan? Agak mengerikan
-Ivy league lecturers à untuk konsultasi, peripheral lecturers à grading
-Contoh: e-learning melalui video-video
-Sekarang yang dibutuhkan bukannya orang yang bisa memberikan jawaban, tetapi orang
yang bisa memberikan pertanyaan because Google is the best answer giver

END