Exploiting informational asymmetries is common from "summary" of The Economic Naturalist by Robert H. Frank
When one party in an economic transaction possesses more information than the other, a situation known as informational asymmetry arises. In such cases, the better-informed party can exploit their knowledge to gain an advantage over the less-informed party. This phenomenon is not uncommon in the real world and can be observed in various settings, such as markets, negotiations, and contracts. For example, consider the market for used cars. A seller who knows that the car being sold has underlying mechanical issues may choose not to disclose this information to the buyer, thereby taking advantage of the buyer's lack of knowledge. By withholding crucial information, the seller can sell the car at a higher price than it would fetch if its true condition were known. In this way, the seller is able to exploit the informational asymmetry to their benefit. Similarly, in negotiations between employers and employees, ...
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