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Shared quality uncertainty and the introduction of indeterminate goods

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  • Sylvie Lupton

Abstract

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.

Suggested Citation

  • Sylvie Lupton, 2005. "Shared quality uncertainty and the introduction of indeterminate goods," Cambridge Journal of Economics, Oxford University Press, vol. 29(3), pages 399-421, May.
  • Handle: RePEc:oup:cambje:v:29:y:2005:i:3:p:399-421
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    File URL: http://hdl.handle.net/10.1093/cje/bei009
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    Cited by:

    1. Lupton, Sylvie, 2006. "Il était une fois la qualité," MPRA Paper 5, University Library of Munich, Germany.
    2. Benjamin Huybrechts & Darryl Reed, 2010. "Introduction: “Fair Trade in Different National Contexts”," Journal of Business Ethics, Springer, vol. 92(2), pages 147-150, April.
    3. Ramo Barrena & Mercedes Sánchez, 2011. "Abstraction and product categories as explanatory variables for food consumption," Post-Print hal-00712382, HAL.
    4. Francesco Angelini & Massimiliano Castellani, 2017. "Understanding the artwork pricing: some theoretical models," Working Paper series 17-25, Rimini Centre for Economic Analysis, revised Mar 2018.
    5. Nicholas Dew & Saras Sarasvathy, 2007. "Innovations, Stakeholders & Entrepreneurship," Journal of Business Ethics, Springer, vol. 74(3), pages 267-283, September.
    6. Gaëlle Balineau & Ivan Dufeu, 2010. "Are Fair Trade Goods Credence Goods? A New Proposal, with French Illustrations," Journal of Business Ethics, Springer, vol. 92(2), pages 331-345, April.
    7. Erwan Queinnec, 2011. "Do Not-For-Profit Organizations Meet A Demand For Trust Goods ? A Reappraisal Of The Contract Failure Theory
      [Resoudre Un Probleme D’Asymetrie D’Information En S’Abstenant De Faire Du Profit : Les
      ," CEPN Working Papers hal-01367931, HAL.
    8. Evrim Dener, 2011. "Quality uncertainty and time inconsistency in a durable good market," Journal of Economics, Springer, vol. 104(1), pages 1-24, September.

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