Production, Quality and Markets

Donald George

International Journal of the Economics of Business, 1997, vol. 4, issue 1, 21-31

Abstract: The quality of output is of great concern to firms, consumers and regulators and yet firms' decisions concerning quality receive far less attention from economists than quantity or pricing decisions. There is a substantial management literature on product quality which, to some extent, discusses the costs and benefits of various approaches to product quality, but does not provide a theoretical explanation of the firm's quality decisions. The model presented here incorporates production, quality control, warranty and pricing decisions into the firm's overall (expected) profit maximising behaviour. Both competitive and monopolistic markets are considered.

Keywords: Quality; Management; Warranties, JEL Classification: D21, D82, L14, L15, M21, (search for similar items in EconPapers)
Date: 1997
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DOI: 10.1080/758532191

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