Premium
QUALITÄTSINFORMATIONEN UND MARKTSTRUKTUREN
Author(s) -
Hauser Heinz
Publication year - 1979
Publication title -
kyklos
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.766
H-Index - 58
eISSN - 1467-6435
pISSN - 0023-5962
DOI - 10.1111/j.1467-6435.1979.tb01143.x
Subject(s) - credence , argument (complex analysis) , product (mathematics) , microeconomics , information asymmetry , quality (philosophy) , economics , credence good , product differentiation , market structure , industrial organization , computer science , biochemistry , chemistry , philosophy , geometry , mathematics , epistemology , machine learning , cournot competition
SUMMARY Starting with A kerlof's argument that markets deteriorate in quality, price and quantity if there is asymetric information between buyer and seller the paper deals with market institutions which may explain obviously existing market transactions in many markets with high product uncertainty. After short reference to the existing signaling‐literature much attention is given to product differentiation and brand names as implicit market signals. Consumer uncertainty is characterized within the distinction between search‐, experience‐ and credence‐qualities . A simplified model shows that market structure may be an implicit market signal for goods with uncertainty in experience‐qualities. This is the basis for some preliminary hypothesis relating product uncertainty and market structure.