QUALITÄTSINFORMATIONEN UND MARKTSTRUKTUREN

Heinz Hauser

Kyklos, 1979, vol. 32, issue 4, 739-763

Abstract: Starting with Akerlof'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.

Date: 1979
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