Illuminating and bridging the vortex between tacit and explicit knowledge: Counterbalancing information asymmetry in high-value low-frequency transactions

摘要

Asymmetric information could harm a stakeholder in a transaction when they are not aware of the disparity of the information among the various stakeholders. Understanding the relationship and interaction among stakeholders is imperative for making informed decisions. It becomes even more critical in the context of high-value low-frequency transaction (HVLFT). This paper delves into the different forms of knowledge (data, information, knowledge, wisdom, understanding, experience and learning) that are essential to support HVLFT. If a form of knowledge can be categorised as neither tacit nor explicit, it belongs to the proposed knowledge dimension X. This paper further explores the transformation of different dimensions of knowledge at the disruptive vortex between tacit, explicit, and X. The interactions between these three dimensions of knowledge are validated through a study of knowledge asymmetry among HVLFT stakeholders in the real estate industry of NZ. We conclude with the proposal of a blockchain-based architecture to counterbalance information asymmetry caused by X.