This book uses the theoretical framework of information economics to analyze the translation profession. In particular, the economic concepts of asymmetric information and adverse selection are utilized. Due to the problem of asymmetric information, it is sometimes argued that when translation service buyers need to recruit new translators, they cannot effectively distinguish between a good translator and a bad one and hence tend to pay a price that is below the level when there is perfect and complete information. As a result, good translators may leave the translation profession. It is...