The Concept of Quality and the Efficiency of Markets for Consumer Products

摘要: Can consumers trust prices to be good quality indicators? Previous studies based on data from Consumer Reports have indicated that the relation of price overall is quite weak. This paper demonstrates these are methodologically invalid by showing concept has many dimensions. To what extent do inefficient variants occur in market? suggested there a considerable degree inefficiency market. Alternative calculations imply fact frequent, but loss much lower than previously suggested.