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Price, Quality, and Organization: Branding in the Japanese silk-reeling industry

Listed author(s):
  • NAKABAYASHI, Masaki

    ()

    (Institute of Social Science, The University of Tokyo)

Transaction costs depend on the degree of informational asymmetry in trading goods. This environment provides commitment to certain quality with an opportunity to earn quality premium given the degree of asymmetry. A device of commitment to quality could be inspection and branding either by a trader or manufacturer. In the market of raw silk, the largest export of Japan from the late nineteenth century, informational asymmetry between Japan and the Western destinations was serious and Western trading companies dominated quality control by the mid-1880s. Then, Japanese manufacturers internalized inspection and branding processes, earned quality premium, and began rapid growth.

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File URL: http://www.iss.u-tokyo.ac.jp/publishments/dpf/pdf/f-160.pdf
File Function: Revised version, Jan. 2013
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Paper provided by Institute of Social Science, The University of Tokyo in its series ISS Discussion Paper Series (series F) with number f160.

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Length: 17 pages
Date of creation: Apr 2012
Date of revision: 07 Jan 2013
Handle: RePEc:itk:issdps:f160
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  1. Holmstrom, Bengt & Milgrom, Paul, 1991. "Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design," Journal of Law, Economics and Organization, Oxford University Press, vol. 7(0), pages 24-52, Special I.
  2. Federico,Giovanni, 2009. "An Economic History of the Silk Industry, 1830–1930," Cambridge Books, Cambridge University Press, number 9780521105262, December.
  3. Aldrich, Mark & Albelda, Randy, 1980. "Determinants of working women's wages during the progressive era," Explorations in Economic History, Elsevier, vol. 17(4), pages 323-341, October.
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