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Price And Quality In A New Product Monopoly

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Author Info

  • JUDD, K.L.
  • RIORDAN, M.H.

Abstract

In a single-extraction model of consumer behavior, higher prices signal higher-quality products for a new product monopoly, even without cost asymmetries across different qualities. Moreover, higher-quality products earn greater expected profits and the monopolist has an incentive to produce even transient improvements in quality. Finally, the monopolist has a positive incentive to conduct market research about quality and produces more information than is socially optimal. Copyright 1994 by The Review of Economic Studies Limited.

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Bibliographic Info

Paper provided by Hoover Institution, Stanford University in its series Working Papers with number e-89-8.

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Length: 28 pages
Date of creation: 1989
Date of revision:
Handle: RePEc:hoo:wpaper:e-89-8

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Related research

Keywords: quality standards ; information ; monopolies ; prices;

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