Masterful Meisters? Voluntary Certification and Quality in the German Crafts Sector
Petrik Runst and
German Economic Review, 2019, vol. 20, issue 1, 83-104
Voluntary certification systems potentially reduce search costs in markets with imperfect information. Service markets with many heterogeneous firms – such as the crafts market – are prone to information imperfections and can therefore potentially benefit from such informational mechanisms. We examine if the Meister qualification in the German crafts sector improves service quality as perceived by consumers. We find a significant and positive relationship between the Meister title and consumer ratings and conclude that the certificate is a credible sign of quality.
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German Economic Review is currently edited by Bernhard Felderer, Joseph F. Francois, Ivo Welch, Urs Schweizer and David E. Wildasin
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