The buyers do not know about the quality of goods so they distrust in the sellers, which lead to increase of transaction costs and market contraction and even disappearance.
Due to the asymmetric information and lack of supervision, the bosses of chicken farms do not consider the consumers and boldly use illegal drugs and excessive doses on chickens to reduce the costs, thus harming the interests of consumers.
The incident of fast-growing chickens posed a question ignored by the field of food safety: How to strengthen disclosure of food safety information?
After investigation and survey, Chinese Academy of Social Science found that the information disclosure for food safety information is less than 70 percent.
How do the government agencies conduct information exchanges and share and establish a food safety information platform? How can food safety information be conveyed to consumers quickly and effectively? How to establish continuous and dynamic information disclosure system? Those questions still remained to be answered to improve the food safety.
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