Quality, Choice, and the Economics of Concealment: The Marketing of Lemons
The quantity of hazardous or ineffective products on national and international markets is higher than can be explained by current theory. Research has shown that “lemons” can indeed occur and it has specified roles for (a) potential future purchases and (b) seller reputation. This paper explores in...
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| Veröffentlicht in: | The Journal of consumer affairs 1995-06, Vol.29 (1), p.1-28 |
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| creator | KERTON, ROBERT R. BODELL, RICHARD W. |
| description | The quantity of hazardous or ineffective products on national and international markets is higher than can be explained by current theory. Research has shown that “lemons” can indeed occur and it has specified roles for (a) potential future purchases and (b) seller reputation. This paper explores incentives facing sellers of goods containing one or more negative characteristics. The economics of concealment provides the conditions under which some sellers use resources to interfere with quality signals. This allows, at the extreme, a class of product which is a “pure lemon” in that its very existence would not be justified if consumers were fully informed. The paper identifies important variables which have direct policy implications for regulation and for consumer welfare. |
| doi_str_mv | 10.1111/j.1745-6606.1995.tb00037.x |
| format | Article |
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Research has shown that “lemons” can indeed occur and it has specified roles for (a) potential future purchases and (b) seller reputation. This paper explores incentives facing sellers of goods containing one or more negative characteristics. The economics of concealment provides the conditions under which some sellers use resources to interfere with quality signals. This allows, at the extreme, a class of product which is a “pure lemon” in that its very existence would not be justified if consumers were fully informed. The paper identifies important variables which have direct policy implications for regulation and for consumer welfare.</description><subject>Breast implants</subject><subject>Cheating</subject><subject>Consumer advertising</subject><subject>Consumer affairs departments</subject><subject>Consumer economics</subject><subject>Consumer goods</subject><subject>Consumer research</subject><subject>Consumers</subject><subject>Defective products</subject><subject>Economic costs</subject><subject>Economic Factors</subject><subject>Economic models</subject><subject>Economics</subject><subject>Ethics</subject><subject>Evidence</subject><subject>Fraud</subject><subject>Hazardous substances</subject><subject>Illustrations</subject><subject>Incentives</subject><subject>Individualized Instruction</subject><subject>International cooperation</subject><subject>International Organizations</subject><subject>Long run profit 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Research has shown that “lemons” can indeed occur and it has specified roles for (a) potential future purchases and (b) seller reputation. This paper explores incentives facing sellers of goods containing one or more negative characteristics. The economics of concealment provides the conditions under which some sellers use resources to interfere with quality signals. This allows, at the extreme, a class of product which is a “pure lemon” in that its very existence would not be justified if consumers were fully informed. The paper identifies important variables which have direct policy implications for regulation and for consumer welfare.</abstract><cop>Oxford, UK</cop><pub>Blackwell Publishing Ltd</pub><doi>10.1111/j.1745-6606.1995.tb00037.x</doi><tpages>28</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
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| ispartof | The Journal of consumer affairs, 1995-06, Vol.29 (1), p.1-28 |
| issn | 0022-0078 1745-6606 |
| language | eng |
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| source | PAIS Index; Business Source Complete; Periodicals Index Online; Jstor Complete Legacy; Alma/SFX Local Collection |
| subjects | Breast implants Cheating Consumer advertising Consumer affairs departments Consumer economics Consumer goods Consumer research Consumers Defective products Economic costs Economic Factors Economic models Economics Ethics Evidence Fraud Hazardous substances Illustrations Incentives Individualized Instruction International cooperation International Organizations Long run profit maximization Marketing Narcotics Product differentiation Product quality Reputation Reputations Research Problems Salespeople Silicones Studies Sumer Test Results Testing laboratories |
| title | Quality, Choice, and the Economics of Concealment: The Marketing of Lemons |
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