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Quality Uncertainty and Perception - Information Asymmetry and Management of Quality Uncertainty and Quality Perception (Hardcover, 2010 ed.)
Loot Price: R3,106
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Quality Uncertainty and Perception - Information Asymmetry and Management of Quality Uncertainty and Quality Perception (Hardcover, 2010 ed.)
Series: Contributions to Management Science
Expected to ship within 10 - 15 working days
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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.
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