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Joint Product Signals of Product Quality

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Author Info

  • James E. McClure

    ()
    (Department of Economics, Ball State University)

  • Lee C. Spector

    ()
    (Department of Economics, Ball State University)

Abstract

In the absence of other information about the quality of an experience good, the price of a jointly produced search good provides consumers with a signal of the former good’s quality.. This hypothesis provides an explanation for the heretofore unexplained pricing policies found in Barron’s and Umbeck’s (1984) empirical investigation of gasoline retailing.

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File URL: http://econfac.iweb.bsu.edu/research/workingpapers/bsuecwp199101mcclure.pdf
File Function: First version, 1991
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Bibliographic Info

Paper provided by Ball State University, Department of Economics in its series Working Papers with number 199101.

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Length: 10 pages
Date of creation: Jan 1991
Date of revision: Apr 1991
Publication status: Published in Atlantic Economic Journal 19 no. 4 (1991): 38-41.
Handle: RePEc:bsu:wpaper:199101

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Related research

Keywords: Search good; Experience good; Product quality signal; Gasoline retailing;

References

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  1. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August.
  2. Barron, John M & Umbeck, John R, 1984. "The Effects of Different Contractual Arrangements: The Case of Retail Gasoline Markets," Journal of Law and Economics, University of Chicago Press, vol. 27(2), pages 313-28, October.
  3. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr.
  4. Paul R. Milgrom & John Roberts, 1984. "Price and Advertising Signals of Product Quality," Cowles Foundation Discussion Papers 709, Cowles Foundation for Research in Economics, Yale University.
  5. Frank, Robert H, 1985. "The Demand for Unobservable and Other Nonpositional Goods," American Economic Review, American Economic Association, vol. 75(1), pages 101-16, March.
  6. Nelson, Philip, 1974. "Advertising as Information," Journal of Political Economy, University of Chicago Press, vol. 82(4), pages 729-54, July/Aug..
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Cited by:
  1. George, Donald A. R., 2000. "A model of endogenous quality management," Journal of Economics and Business, Elsevier, vol. 52(3), pages 289-304.

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