TY - JOUR
AU - Hjorth-Andersen,, Chr.
AB - Abstract Can consumers trust prices to be good quality indicators? Previous studies based on quality data from Consumer Reports have indicated that the relation of price to overall quality is quite weak. This paper demonstrates that these studies are methodologically invalid by showing that the concept of overall quality has many dimensions. To what extent do inefficient variants occur in the market? Previous studies have suggested that there is a considerable degree of inefficiency in the market. Alternative calculations imply that inefficient variants are in fact frequent, but that the loss to consumers is much lower than previously suggested. This content is only available as a PDF. Author notes * Chr. Hjorth-Andersen is Associate Professor at the Institute of Economics, University of Copenhagen, Denmark. Computational assistance from Jesper Aae and Timm Larsen as well as valuable suggestions from anonymous referees are gratefully acknowledged. The author has also benefited from comments from Kurt Pedersen and Kai Kristensen of the Aarhus School of Economics and Business Administration, Aarhus, Denmark. © JOURNAL OF CONSUMER RESEARCH
TI - The Concept of Quality and the Efficiency of Markets for Consumer Products
JF - Journal of Consumer Research
DO - 10.1086/209007
DA - 1984-09-01
UR - https://www.deepdyve.com/lp/oxford-university-press/the-concept-of-quality-and-the-efficiency-of-markets-for-consumer-HXZD8xdTwB
SP - 708
EP - 718
VL - 11
IS - 2
DP - DeepDyve
ER -