Shared quality uncertainty and the introduction of indeterminate goods
The purpose of this paper is to introduce a new category of goods, 'indeterminate goods', which will be compared with the classical framework of experience, search and credence goods (Nelson, 1970; Darby and Karni, 1973). This concept sheds new light on the nature and status of quality uncertainty through the following hypothesis: uncertainty about the product's quality can be shared by all agents of the market, and this uncertainty can be non-neutral and disrupt the market. We identify three types of shared uncertainty about the product's characteristics and the corresponding problems that can arise: shared uncertainty due to the emergence of a product (Hirschman, 1974), shared uncertainty concerning the past of a product (basing ourselves on the art market), and finally shared uncertainty regarding the future impacts of a product, through empirical data on product safety. Copyright 2005, Oxford University Press.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 29 (2005)
Issue (Month): 3 (May)
|Contact details of provider:|| Postal: |
Fax: 01865 267 985
Web page: http://www.cje.oupjournals.org/
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:29:y:2005:i:3:p:399-421. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.