Quality ambiguity and the market mechanism for credence goods

Benner, Dietrich

Quality ambiguity and the market mechanism for credence goods

dc.contributor.author	Benner, Dietrich	de
dc.date.accessioned	2024-04-08T08:37:11Z
dc.date.available	2024-04-08T08:37:11Z
dc.date.created	2005-05-23
dc.date.issued	2004
dc.description.abstract	With credence goods consumers cannot judge actual quality neither before purchase - ex ante - nor after purchase - ex post -. Trust has to replace own examination and verification. Applying Choquet-Expected Utility theory, a general model of credence goods is developed which takes the problem of trust explicitly in its view and generalizes the problem of quality uncertainty on the ?market for lemons? of Akerlof (1970) to ?quality ambiguity? with credence goods. The model shows the market mechanism only performing well in providing credence goods when consumers? trust in given information is not too low. With trust too low, sellers of credence goods will be driven out of the market by trust induced adverse selection. In market equilibrium prices will always be lower compared to equilibrium prices for experience goods.	en
dc.identifier.swb	118112937
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5006
dc.identifier.urn	urn:nbn:de:bsz:100-opus-801
dc.language.iso	ger
dc.relation.ispartofseries	Agricultural economics working paper series (Hohenheimer agrarökonomische Arbeitsberichte); 09
dc.rights.license	publ-ohne-pod	en
dc.rights.license	publ-ohne-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subject	Credence goods	en
dc.subject	Asymmetric information	en
dc.subject	Quality ambiguity	en
dc.subject	Uality uncertainty	en
dc.subject	Adverse selection	en
dc.subject	Ambiguity	en
dc.subject	Choquet expected utility	en
dc.subject	Choquet-Erwartungsnutzentheorie	de
dc.subject.ddc	630
dc.subject.gnd	Vertrauensgut	de
dc.subject.gnd	Markt	de
dc.subject.gnd	Ambiguität	de
dc.subject.gnd	Qualitätkontrolle	de
dc.subject.gnd	Asymmetrische Information	de
dc.subject.gnd	Verbraucherverhalten	de
dc.title	Quality ambiguity and the market mechanism for credence goods	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.faculty.number	2	de
local.institute.number	420	de
local.opus.number	80
local.series.issueNumber	09
local.series.title	Agricultural economics working paper series (Hohenheimer agrarökonomische Arbeitsberichte)
local.university	Universität Hohenheim	de
local.university.faculty	Faculty of Agricultural Sciences	en
local.university.faculty	Fakultät Agrarwissenschaften	de
local.university.institute	Institute for Agricultural Policy and Agricultural Markets	en
local.university.institute	Institut für Agrarpolitik und Landwirtschaftliche Marktlehre	de

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