Advertising, Price and Quality in Self-regulating Professions: A Survey

James Love and Frank Stephen

International Journal of the Economics of Business, 1996, vol. 3, issue 2, 227-248

Abstract: This paper surveys the theoretical and empirical literature on the relationship between advertising, fees and quality in the self-regulating professions. Much of the literature is derived from the perspective of advertising as an information-enhancing device, helping to reduce the information asymmetry between professional and client. This is consistent with the majority of the empirical studies which suggest that advertising tends to have a downward effect on professional fees, with little if any adverse effect on quality. There are, however, important issues of method and measurement which may lessen the force of this conclusion

Keywords: Advertising; Self-regulating professions; Price-quality interaction, JEL classifications: L15, L43, L84, (search for similar items in EconPapers)
Date: 1996
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Citations: View citations in EconPapers (4)

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DOI: 10.1080/758528455

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