Final answer:
In the context of an estate sale, when an antique buyer has more information about an item's value than the seller, it is an example of asymmetric information.
Step-by-step explanation:
The scenario where an antique buyer may possess more knowledge about the value of items than the seller at an estate sale is an example of asymmetric information. This occurs in economic transactions where there is a disparity in the amount of information held by the buyer compared to the seller concerning the quality and value of the item being traded. It is a common situation wherein one party (the buyer, in this case) might use their superior knowledge to gain an advantage in the transaction.
Asymmetric information can complicate economic dealings, as the less informed party may sell an item for less than its true worth, or conversely, the informed party may pay less than the fair value. The onus is on the parties involved to find ways to mitigate the impacts of this information gap to achieve mutually advantageous deals despite imperfect information.