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- W2013273453 abstract "There are few products which cannot be differentiated by their 'quality' or by similar attributes. Manufactured goods of otherwise identical appearance may have a long or a painfully short lifetime, a characteristic frequently associated with product 'quality.' Fresh fruits and vegetables likewise frequently exhibit quality variation, as do films, concerts, and indeed nearly all purchased services. The perceived quality of any product is likely to be an important determinant of the demand for that good in any period, and there are clearly instances the demand for the services of a particular neurosurgeon, for example where consumer choice appears to be much more affected by perceived quality differentials than by price. In most cases a firm can increase the quality of its products by increasing the cost of production: fresh produce can be shipped by air, rather than by truck; airlines can provide more comfortable seats; theatres can provide free (or subsidized) refreshments, and so on. It seems natural to expect an increase in the perceived quality of a good to increase market demand for that good at any price, ceteris paribus. At any rate, I shall assume that to be the case throughout this essay. Three 'types' of product quality are considered in this paper: a case in which the total cost of providing a higher-quality product increases with demand (free drinks for airline customers, dealer inspection of newly purchased automobiles); a case in which quality costs are independent of demand (advertising, more comfortable seats in a theatre); and a case in which product quality is increased by reducing production capacity (more leg-room in airplanes, more careful inspection on an assembly line). In each case demand is taken to be a function of price and product quality. I also assume that there is a random component of demand which is not precisely known at the time a firm's production decisions are made; that is, demand is uncertain. Since the first two cases have been examined by White (1972) under the assumption of perfect certainty, for the most part I shall simply summarize my" @default.
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- W2013273453 date "1981-08-01" @default.
- W2013273453 modified "2023-10-17" @default.
- W2013273453 title "Uncertain Demand and Product Quality in a Price-Regulated Market" @default.
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- W2013273453 doi "https://doi.org/10.2307/134904" @default.
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