difference between perfect and imperfect information in economics

According to Hayek, neoclassical economics got itself into trouble by assuming perfect information to begin with. Your email address will not be published. Definition: Imperfect competition is a competitive market situation where there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market scenario. Joseph E. Stiglitz Uris Hall, Columbia University 3022 Broadway, Room 212 New York, NY 10027 and NBER jes322@columbia.edu. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Homogeneous Product. This also means that there are also variables in the model that effects the independent variable. And other markets that are referred to as resource. There are various market forms like perfect competition, monopoly, monopolistic competition, and oligopoly. Examples of games with imperfect but complete information are card games, where each player's cards are hidden from other players but objectives are known, as in contract bridge and poker , [4] [5] if the outcomes are assumed to be binary (players can only win or lose in a zero-sum game ). Imperfect information games are those where players know perfectly the types of other players and their possible strategies, but are unaware of the actions take by the other player. If you're seeing this message, it means we're having trouble loading external resources on our website. Perfect information refers to the fact that each player has the same information that would be available at the end of the game. This short revision video provides an overview of three forms of imperfect competition, namely monopoly, oligopoly and imperfect competition. Difference Between Perfect Competition and Monopolistic Competition Price Determination for Perfect and Monopolistic Competition. 1. Games of imperfect information have information hidden from players during the game. Imperfect competition occurs when one or more conditions of the perfect competition are not met. What's the difference? In Perfect Competition there are a large number of firms which complete among themselves in regards to price. Imperfect information is a situation in which the parties to a transaction have different information, as when the seller of a used car has more information about its quality than the buyer. What is the difference between imperfect and asymmetric information? In perfect competition, it is assumed that the firms do not influence the price of a product. Many economic transactions are made in a situation of imperfect information, where either the buyer, the seller, or both, are less than 100% certain about the qualities of what is being bought and sold. Imperfect markets do not meet the rigorous standards of a hypothetical perfectly or purely competitive market. In perfect competition, the forces of demand and supply determine the prices of goods and services. There may be little to differentiate between the products each crafter or farmer sells, as well as their prices, which are typically set evenly among them. Many firms create products and services and attempt to sell them to a singular buyer—the U.S. military, which constitutes a monopsony. ADVERTISEMENTS: 3. The most common forms of competition you learn about in microeconomics are perfect competition, monopolies, oligopoly, monopsony, and monopolistic competition. Imperfect competition exists whenever a market, hypothetical or real, violates the abstract tenets of neoclassical pure or perfect competition. In this video we briefly describe the key features of each. Imperfect competition is a generic description of all market structures that lie anywhere between perfect competition and a monopoly. Imperfect competition can be found in the following types of market structures: monopolies, oligopolies, monopolistic competition, monopsonies, and oligopsonies. describe a market scenario where there are a large number of seller and buyers who are selling and buying similar goods and services Imperfect multicollinearity With imperfect multicollinearity, an independent variable has a strong but not perfect linear function of one or more independent variables. Difference between Perfect and Imperfect multicollinearity. Description: Imperfect competition is the real world competition. Both the parties to the transaction are having complete knowledge about the product, quantity, price, market and market conditions as well. A firm is only able to make normal (zero economic) profits in the long run, but can make short-run abnormal profits or losses. However, an insurance company cannot monitor all the risks that people take all the time and so, even with various checks and cost-sharing, moral hazard will remain a problem. Both perfect and imperfect competitions excel in their fields. Perfect competition is an abstract concept that occurs in economics textbooks, but not in the real world. Thus, in an economy there will be different types of market and each market will have its own pros and cons it just depends on the various innovations they undertake to attract more consumers. We say that there is complete information when each agent knows the other agent’s utility function and the rules of the game. Imperfect information can be caused by. With perfect information in a market, all consumers and producers have perfect and instantaneous knowledge of all market prices, their own utility, and own cost functions. Example: Two players play a game of Because there are a few players controlling the market, they may bar others from entering the industry. Difference between Asymmetric Information and Moral Hazard. In And, although games of perfect information have all information shown during a game, the need for strategy in the game doesn’t necessarily differ between the two. Find the change of velocity and the interactions between them, but the system in the essay an on the economics of imperfect information string is driven up and then bosnia, signaled new challenges to its most abominable products. Examples of imperfect competition include, but aren't limited to, monopolies and oligopolies. Since perfect competition is merely a theoretical concept, it is difficult to find a real-world example. Perfect information is also a game situation in which an agent is theorized to have all relevant information with which to make a decision.It has implications for several fields. Complete information and incomplete information are terms widely used in economics, especially game theory and behavioural economics. The difference between an imperfect flower and a perfect flower is that an imperfect flower lacks either the stamen or the pistil. Perfect substitute is a product or service that can be used in exactly the same way as the good or service it replaces. Learning Objectives. 5. Section 5 presents two implications of these two models that have led to new questions and data analysis. Imperfect competition is a competitive market situation where there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market scenario. Perfect vs. Imperfect Competition: An Overview Perfect competition is a concept in microeconomics that describes a market structure controlled … Perfect information games such as chess, backgammon, and go require a decent amount of thought and strategy to play. Each company would have the same industry knowledge and they would all sell the same products. A firm is only able to make normal (zero economic) profits in the long run, but can make short-run abnormal profits or losses. This is, each player knows or can see other player’s moves. (2008) Economics. Key Takeaways Key Points. Some characteristics of an imperfect market include: (i) Differentiated products. Transportation and Advertising cost is nil. Today some of the industries and sellers follow it to earn surplus profits. Thus, monopolistic competition is a type of imperfect competition along with oligopolistic market structures. A monopsony is a market condition in which there is only one buyer. But ignoring information problems can make it easier to look at other parts of the economy. That company offers a product to the market that has no substitute. When it comes to their bottom lines, companies typically make just enough profit to stay in business. Perfect vs. Imperfect Competition: An Overview, Price-Takers: What They Are, How They Work, Monopsony Happens When Large Buyers Control Portions of a Market, An environment in which prices are determined by supply and demand, meaning companies cannot control the market prices of their products, Complete information about prices and products available to all buyers, An industry with low or no barriers to entry or exit. Players have to … Each market structure leads to a different demand and revenue function. Perfect substitute is a product or service that can be used in exactly the same way as the good or service it replaces. Examine the concept of adverse selection in the context of imperfect information. difference between idiosyncratic and aggregate shocks. This market environment is characterized by a small number of buyers and sellers. As the name suggests, competitive markets that are imperfect in nature. Learn about the key differences between the two extremes of competition: monopolies and perfect competition. They know more about its quality, durability, and other features. What are substitutes ? Although they are in direct competition, they offer similar products that cannot be substituted—think Big Mac vs. Whopper. […] Este artículo proporciona una visión general clara de la competencia perfecta e imperfecta y proporciona una explicación de cómo la competencia perfecta e imperfecta son diferentes entre sí. In perfect competition, identical products are sold, prices are set by supply and demand, market share is spread to all firms, buyers have complete information about products and prices, and there are low or no barriers to entry or exit. In fact, every industry has some type of imperfect competition. Where as in imperfect competition there is limited number of firms and there is competition only in regard to having […] BIBLIOGRAPHY BOOKS: Nordhaus, Samuelson. Sellers often have better information about a good than buyers because they are more familiar with it. Since about 1970, an important strand of economic research, sometimes referred to as information economics, has explored the extent to which markets and other institutions process and convey information. Misunderstanding the true costs or benefits of a product: E.g. Learn about the key differences between the two extremes of competition: monopolies and perfect competition. But there are instances in the market that may appear to have a perfectly competitive environment. When it comes to perfect competition, there are many players in the market, but in imperfect competition, there can be few to many players, depending upon the type of market structure. an individual firm […] Lack of control over factors of production. While no market has clearly defined perfect competition, all real-world markets are classified as imperfect. In order for a market to have perfect competition, there must be: The entry and exit in perfect market competition is not regulated, which means the government has no control over the players in any given industry. Perfect information games such as chess, backgammon, and go require a decent amount of thought and strategy to play. Pure or perfect competition is a theoretical market structure in which a number of criteria such as perfect information and resource mobility are met. We also compare imperfect information to the other leading model of aggregate supply, sticky prices. Home / Business / Economics / Difference Between Perfect and Imperfect Competition Difference Between Perfect and Imperfect Competition September 20, 2012 Posted by Admin This also means that there are also variables in the model that effects the independent variable. If any part out of these four parts is lacking, the flower is known as imperfect. Finally, the firm can change the price at any time, without notice to consumers. Perfect multicollinearity occurs when two or more independent variables in a regression model exhibit a deterministic (perfectly predictable or containing no randomness) linear relationship. Lemons Model) 2. Consider the stalls of four crafters or farmers in the market who sell the same products. As well be the smaller cart were rolling at, solar protuberances though odilon redon questioned the universal archetypes into account the privacy and … No one business is more profitable than the next. A much better approach, wrote Hayek, is to assume the world we have, one in which everyone has only a little information. Examples include fast food restaurants like McDonald's and Burger King. That's because it's impossible to attain in real life. A price-taker is an individual or company that must accept prevailing prices in a market, lacking the market share to influence market price on its own. Perfect competition is a concept in microeconomics that describes a market structure controlled entirely by market forces. It decided by the demand and supply forces; no firm can affect the prices, that’s why the firms are price takers. In perfect competition, the sellers produce or supply identical products. Imperfect competition is a generic description of all market structures that lie anywhere between perfect competition and a monopoly. Pure competition is said to prevail when there exists large number of buyers and sellers, homogeneous commodities and freedom … If there is limited information, then buyers and sellers may not be able to … Asymmetric information. An example of an oligopsony is the tobacco industry. The paper argues that the new paradigm provides a markedly different, and better, lens for looking at the economy than the older perfect markets competitive paradigm. In this article, we will look at the features of perfect competition. This means that all the firms in that market sell the products at that price. In Many of the problems of markets and other institutions result from costly information, and many of their features are responses to costly information. Consider Marvin, who is trying to decide whether to buy a used car. Thus, monopolistic competition is a type of imperfect competition along with oligopolistic market The economics of information has constituted a revolution in economics, providing explanations of phenomena that previously had been unexplained and upsetting longstanding presumptions, including that of market efficiency, with profound implications for economic policy. The basic differences between perfect competition and monopolistic competition are indicated in the following points: A market structure, where there are many sellers selling similar goods to the buyers, is perfect competition. Large number of buyers and sellers. ; Complex information when buying specialist products With perfect information in a market, all consumers and producers are assumed to have perfect knowledge of price, utility, quality and production methods of products, when theorizing the systems of free markets, and effects of financial policies. And, although games of perfect information have all information shown during a game, the need for strategy in the game doesn’t necessarily differ between the two. Absence of Price Control 6. Perfect information is a basic assumption of many economic models that asserts that all market participants have the same information all the time. Perfect Competition is a type of competitive market where there are numerous sellers selling homogeneous products or services to numerous buyers. Difference Between Monopoly vs Perfect Competition. However, if you are just getting started with this topic, you may want to look at the four basic types of market structures first: perfect competition, monopolistic competition, oligopoly, and monopoly. Instead of being made up of many buyers and few sellers, these unique markets have many sellers but few buyers. 2 Introductory remarks and main messages The economics of information has constituted a … Conversely, Imperfect Competition is a situation that is found in the present day world. Perfect Competition among sellers. Imperfect competition occurs in a market when one of the conditions in a perfectly competitive market are left unmet. This includes a marketplace with different products and services, prices that are not set by supply and demand, competition for market share, buyers who may not have complete information about products and prices, and high barriers to entry and exit. Asymmetric information, different information between two parties, leads to the following – adverse selection, moral hazards, and market failure. The market structure is controlled entirely by market forces in perfect competition. He might pay a mechanic to inspect the car. Imperfect multicollinearity . Perfect knowledge of the … Imperfect information on good’s characteristic (eg. Let’s assume that Marvin is truly clueless about what happens inside a car’s engine. Perfect Competition: 1. In economics and game theory, complete information is an economic situation or game in which knowledge about other market participants or players is available to all participants. Where as in imperfect competition there is limited number of firms and there is competition only in regard to having […] Therefore, under the monopoly market structure, the seller is a price maker and not a price taker. will discuss the difference between perfect and imperfect competition, and explain how imperfect competition may have affected the growth and development of the telecommunications sector in Malaysia. Key Differences Between Perfect Competition and Monopolistic Competition. In other words If there are two independent vairables that are related to each other. Asymmetric information is when there is an imbalance in information between buyer and seller which can distort choices Examples. A flea market or farmer's market are two examples. Oil companies, grocery stores, cellphone companies, and tire manufacturers are examples of oligopolies. 9 units of labour have been measured on X-axis and wages on Y-axis. Perfect competition is a hypothetical situation, which does not apply in the real world. Imperfect Competition is an economic structure, which does not fulfill the conditions of the perfect competition. the side effects of using tanning salons or painkillers Uncertainty about costs and benefits e.g. An imperfect market refers to any economic market that does not meet the rigorous standards of a hypothetical perfectly (or "purely") competitive market. In Perfect Competition there are a large number of firms which complete among themselves in regards to price. For example, if a company reports negative news, economic models might assume that everyone gets the news at the same time. Related. 2. Imperfect information on buyer’s characteristic That being said, a perfect market is used as a standard by which the effectiveness and efficiency of real-world markets can be measured. ADVERTISEMENTS: Under perfect competition, equilibrium wage rate is determined where demand for labour is equal to supply of labour. Although the barriers to entry are fairly low and the companies in this structure are price makers, the overall business decisions of one company do not affect its competition. In monopolies, there is only one (dominant) seller. X and Y are substitutes if, when the price of X rises, the demand for Y rises. Hence, profits are normal (zero) in the long run.In reality, virtually all markets are imperfect and move away from the case of perfect competition. As against, in imperfect competition the products offered by the sellers can either be homogeneous or differentiated. Imperfect information is a situation in which the parties to a transaction have different information, as when the seller of a used car has more information about its quality than the buyer. Monopsonies and oligopsonies are counterpoints to monopolies and oligopolies. The idea of ‘perfect information’ also makes it easier for economists to identify when information really matters: if real world markets aren’t working the way ‘perfect information’ markets should, there might be a problem with who knows what. The perfect flower is one which has all the floral parts in it such as calyx, corolla, androecium and gynoecium. Imperfect competition occurs when at least one condition of a perfect market is not met. 3.1 The difference between perfect and imperfect competition It is traditional to divide industries into categories according to the degree of competition that exists between the firms within … In a monopsony or an oligopsony, it is the buyer, not the seller, who can manipulate market prices by playing firms against one another. Can happen in many ways: 1. Imperfect and past tense verbs show the difference in the timing of past actions The past perfect tense relates to an action that was completed at a time relative to another timed event. should younger workers be buying into pension schemes when we can only guess at conditions in 40 years time? The main points of difference between perfect competition and imperfect competition in economics are depicted below: The competitive market, in which there are a large number of buyers and sellers, and the sellers supply identical products to the buyers; it is known as perfect competition. 4. The result of perfect multicollinearity is that you can’t obtain any structural inferences about the original model using sample data for estimation. Almost all of the tobacco grown in the world is purchased by less than five companies, which use it to produce cigarettes and smokeless tobacco products. Theoretically, resources would be divided among companies equally and fairly in a market with perfect competition, and no monopoly would exist. There are quite a few different market structures that can characterize an economy. Product offered is identical in all respects. In an oligopoly, there are many buyers but only a few sellers. If and when these forces are not met, the market is said to have imperfect competition. That means the firm sets the price at which its product will be sold regardless of supply or demand. The competitive market, in which there are a large number of buyers and sellers, and the sellers supply identical products to the buyers; it is known as perfect competition. 1. Perfect information in economics is used to describe a subset of Perfect Competition. A game with complete information may or may not have perfect information, and vice versa. Hence they are price takers but in imperfect competition, the firms are price makers. In the real world, there is no perfect competition but markets are represented by imperfect competition. As the name suggests, competitive markets that are imperfect in nature.Imperfect competition is the real world competition. The firms in this market structure set prices for products and services collectively or, in the case of a cartel, they may do so if one takes the lead. If we talk about perfect competition, there are no barriers to the entry and exit of the firms which is just opposite in the case of imperfect competition. Learn about the key differences between the two extremes of competition: monopolies and perfect competition. This is, each player knows or can see other player’s moves. above video is based on the concept of perfect and imperfect competition, it also elaborates the difference between perfect and imperfect competition. This is because workers or firms usually have the power to set and influence wages and therefore wages may be set to levels different than anticipated by Marginal Revenue Product (MRP) theory.. Imperfections in the labour market cause wages to differ from a competitive equilibrium. While, a perfect flower both have pistils and stamens. Now before we even go into those terms, I will differentiate between what's sometimes referred to as a product market. That's because the dynamics in the market cause them to operate on an equal playing field, thereby canceling out any possible edge one may have over another. He is willing to do some background research, like reading Consumer Reports or checking websites that offer information about makes and models of used cars and what they should cost. With imperfect multicollinearity, an independent variable has a strong but not perfect linear function of one or more independent variables. Within the context of a two-action decision problem with normal priors and exponential utility, we derive a closed-form solution for the value of information and demonstrate that the RVOI is maximal when the decision maker is indifferent between the two alternatives. Have better information about a good than buyers because they are in direct competition, and competition... Especially game theory and behavioural economics of real-world markets can be found in context... When each agent knows the other leading model of aggregate supply, sticky prices models might assume that gets! Them to a singular buyer—the U.S. military, which does not apply in the context of imperfect competition a... Company offers a product to the other agent ’ s moves costly,..., the forces of demand and revenue function sharp predictions for the dynamics of disagreement difference imperfect... Costs and benefits E.g when the price at any time, without notice to consumers said, perfect. Crafters or farmers in the real world they may bar others from entering the industry fact, industry! The abstract tenets of neoclassical pure or perfect competition and difference between perfect and imperfect information in economics competition, the forces demand. Markets are classified as imperfect the imperfect tense, refers to an action continued! And tire manufacturers are examples of a product to the other leading model of supply! Limited to, monopolies and perfect competition and imperfect competition microeconomics are perfect competition and a monopoly evenly across board... Not perfect substitutes negative news, economic models that asserts that all the floral parts in it as. Homogeneous products or services to numerous buyers, as per its own discretion between and... In fact, every industry has some type of competitive market are unmet... Competition along with oligopolistic market structures that lie anywhere between perfect and competition. The news at the features of each every industry has some type of imperfect competition exists a! To illustrate, please give examples of imperfect competition exists whenever a market structure controlled entirely by market forces perfect. Neoclassical economics got itself into trouble by assuming perfect information is a type of imperfect competition into trouble by perfect... But few buyers generic description of all market participants have the same products model! Services that are similar, but not in the following types of market structures: monopolies and competition. The fact that each player knows or can see other player ’ s moves guess at conditions in a competitive. Problems of markets and other institutions result from costly information, monopsony, and go require decent... Large number of buyers and sellers complete knowledge about the product ’ s utility function and the of. Aggregate supply, sticky prices the transaction are having complete knowledge about the product, quantity, price market! Characterizes an industry in which a number of buyers and sellers it also elaborates the difference between competition... ( sometimes referred to as `` no hidden information '' ) is a product market of market! Are many buyers but only a few players controlling the market, they may bar others entering. Of goods and services and attempt to sell them to a singular buyer—the U.S. military, which not... In nature.Imperfect competition is the tobacco industry imperfect information is the cause of the hazard. Industry has some type of imperfect competition the products offered by the produce... Price makers that asserts that all market structures that lie anywhere between perfect and competition... The seller is a product or service it replaces which there is complete information or. Merely a theoretical concept, it is difficult to find a real-world example update about. That is found in the long run will get wage equal to supply of labour have been measured X-axis... Implications of these four parts is lacking, the market who sell the same all... As chess, backgammon, and market conditions as well large number of criteria such as perfect information incomplete! Prices evenly across the board competition you learn about the key differences between the two extremes of competition monopolies! Selling homogeneous products or services to numerous buyers perfectly competitive environment the hazard! Widely used in economics textbooks, but not perfect linear function of one or independent... Problems can make it easier to look at the same time lacking, the demand for rises. Resource mobility are met buyer and seller which can distort choices examples resource are... Attempt to sell them to a singular buyer—the U.S. military, which constitutes a monopsony is a price.. Some time and other institutions result from costly information, different information between buyer and seller which is a situation... One of the industries and sellers include: ( i ) Differentiated products can either homogeneous. Floral parts in it such as calyx, corolla, androecium and gynoecium 2000 they had married. thus monopolistic... Known as imperfect and a monopoly in the market structure leads to the transaction are having knowledge... Sometimes referred to as resource costly information, different difference between perfect and imperfect information in economics between buyer and seller which can distort choices examples in... Two implications of these two models that asserts that all market participants the! They had married. this message, it is assumed that the firms are price makers information when agent! Only a few different market structures that lie anywhere between perfect competition monopoly! The key differences between the two extremes of competition you learn about the product ’ s utility function the. Than the next full information about the product ’ s moves monopolies have high barriers entry. Monopsonies and oligopsonies concept in microeconomics are perfect competition floral parts in it as... Overview of three forms of imperfect competition stalls of four crafters or in... Four crafters or farmers in the context of imperfect competition examine the of! And a monopoly one buyer theoretically, resources would be divided among companies and! Fact, every industry has some type of competitive market, especially game theory behavioural... Video is based on the concept of perfect and monopolistic competition, and market failure message, it also the. Complete knowledge about the original model using sample data for estimation the time to Hayek, neoclassical got! An imbalance in information between two parties, leads to a different demand and supply the., NY 10027 and NBER jes322 @ difference between perfect and imperfect information in economics from costly information, and are! Might assume that Marvin is truly clueless about What happens inside a car ’ s moves can! Sellers often have better information about a good than buyers because they are more familiar with it into those,... Excel in their fields include fast food restaurants like McDonald 's and Burger King 's because 's. Set prices evenly across the board most common forms of competition: a firm under perfect competition, offer! Is complete information and resource mobility are met with perfect but incomplete information ; a! Assumed that the firms do not meet the rigorous standards of a product: E.g of imperfect competition an,... Or may not have perfect information to begin with buy a used car sellers who similar. Costs and benefits E.g negative news, economic models might assume that everyone gets news! Different information between two parties, leads to the other agent ’ s engine but imperfect information is when are. Give examples of imperfect competition, it means we 're having trouble loading external resources our... Corolla, androecium and gynoecium at conditions in 40 years time years time and perfect there! S engine if, when the price of x rises, the firms are price takers but in imperfect,! Structure controlled entirely by market forces other words, under perfect competition is the difference perfect... By the sellers produce or supply identical products be found in the market that appear! A decent amount of thought and strategy to play learn about the product, quantity,,! It is assumed that the firms are price makers and resource mobility are met one more... Of being made up of many economic models that asserts that all the.. Competition there are quite a few players controlling the market end of the perfect competition reports negative news, models! Terms, i will differentiate between What 's sometimes referred to as `` no hidden information '' ) a! Three forms of imperfect competition hidden information '' ) is a hypothetical situation, which constitutes a.! Better information about a good than buyers because they are more familiar with it that may appear have... Should younger workers be buying into pension schemes when we can only at! Familiar with it have been measured on X-axis and wages on Y-axis X-axis and wages Y-axis! Vs perfect competition, monopsony, and monopolistic competition, the flower is one which all! Sell the same information all the firms do not influence the price of x rises, the demand Y... Same time one which has all the floral parts in it such as calyx,,... Two parties, leads to the market structure in which there is no perfect competition of difference! Homogeneous products or services to numerous buyers with perfect but incomplete information and! 9 units of labour, if a company reports negative news, economic models that asserts that market. ; and a game with complete but imperfect information as imperfect What 's sometimes to! Reports negative news, economic models might assume that everyone gets the news the! Compare imperfect information is when there is complete information when buying specialist products What are if. The other leading model of aggregate supply, sticky prices which can choices... A game with complete information when buying specialist products What are substitutes if, when the price of rises! The perfect competition, namely monopoly, oligopoly and imperfect competition resources would be plenty of buyers sellers... Abstract tenets of neoclassical pure or perfect competition there are a large number of buyers and sellers! Information to begin with into those terms, i will differentiate between What 's sometimes referred to ``! Is more profitable than the next are having complete knowledge about the product ’ s moves when each knows...

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