Quality Uncertainty and Perception is popular PDF and ePub book, written by Lalit Wankhade in 2010-06-16, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Quality Uncertainty and Perception can be Read Online from any device for your convenience.
Quality Uncertainty and Perception Book PDF Summary
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.
Detail Book of Quality Uncertainty and Perception PDF
- Author : Lalit Wankhade
- Release : 16 June 2010
- Publisher : Springer Science & Business Media
- ISBN : 9783790821956
- Genre : Business & Economics
- Total Page : 148 pages
- Language : English
- PDF File Size : 18,9 Mb
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