Lalit Wankhade

(Author)

Quality Uncertainty and Perception: Information Asymmetry and Management of Quality Uncertainty and Quality PerceptionPaperback, 5 September 2012

Quality Uncertainty and Perception: Information Asymmetry and Management of Quality Uncertainty and Quality Perception
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Part of Series
Contributions to Management Science
Part of Series
Contributions to Management Science (Paperback)
Print Length
115 pages
Language
English
Publisher
Physica-Verlag
Date Published
5 Sep 2012
ISBN-10
379082822X
ISBN-13
9783790828221

Description

It has been observed that the studies of quality are pursued in various disciplines like economics, quality management, and marketing science, and are seen isolated. The treatments imparted to these studies are also different and has the backdrop of discipline in which the work has been pursued. The nature of isolation is equally seen when quality uncertainty and perceived quality were pursued separately without showing any inkling that these can be complimentary. Economist and Nobel Laureate, Akerlof (1970), wrote a seminal piece "The market for lemons: quality uncertainty and market mechanism", where he described quality uncertainty due to information asymmetry. It refers to the fact that a party in a transaction may have more information than the other. This is information asymmetry. If the seller has more information than the buyer about the product quality, he/she may sell it, as if it is a high-quality product. In reality, it could be a low-quality product. The buyer does not have the information regarding the quality of the offered product. The market condition that led to this transaction is quality uncertainty due to information asymmetry.

Product Details

Authors:
Lalit WankhadeBalaji Dabade
Book Format:
Paperback
Country of Origin:
NL
Date Published:
5 September 2012
Dimensions:
23.11 x 15.49 x 0.76 cm
ISBN-10:
379082822X
ISBN-13:
9783790828221
Language:
English
Location:
Heidelberg
Pages:
115
Publisher:
Weight:
226.8 gm

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