Munich Personal RePEc Archive

Marktverhalten bei Qualitätsunsicherheit

Gilroy, Bernard Michael and Broll, Udo (1985): Marktverhalten bei Qualitätsunsicherheit.

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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.

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