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Marktverhalten bei Qualitätsunsicherheit
[Market behavior under capital uncertainty]

Author

Listed:
  • Gilroy, Bernard Michael
  • Broll, Udo

Abstract

In reality, the so called 'law of one price' does not always hold, especially since the consumers' search for information bears positive costs. This is more than often also due to the models assumption of fully informed consumers. The present paper deeply investigates the topic of positive information costs, imperfect information and the influence on market institution, which is also at the heart of nowadays' information economics.

Suggested Citation

  • Gilroy, Bernard Michael & Broll, Udo, 1985. "Marktverhalten bei Qualitätsunsicherheit [Market behavior under capital uncertainty]," MPRA Paper 21081, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:21081
    as

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    File URL: https://mpra.ub.uni-muenchen.de/21081/1/MPRA_paper_21081.pdf
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    References listed on IDEAS

    as
    1. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
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    More about this item

    Keywords

    market behaviour; quality uncertainty;

    JEL classification:

    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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