The concept of quality and the efficiency of markets: issues and comments
Article Abstract:
Consumer decision-making is important to market efficiency since it can improve general welfare. Hjorth-Andersen discovered that close to 50 percent of all brands is not efficient from a study conducted of 2,076 brands that were reviewed in Consumer Reports from 1978-1980. The key variable in this study was the quality ratings which overall tend to ignore some important factors. Hjorth-Andersen concludes that a consumer could save 12 percent of his or her budget if an efficient decision is made.
Publication Name: Journal of Consumer Research
Subject: Social sciences
ISSN: 0093-5301
Year: 1986
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Are warranties accurate signals of product reliability?
Article Abstract:
The 1975 Magnuson-Moss Warranty-Federal Trade Commission Improvement Act was intended in large part to create a marketplace in which the warranty of a product would be an accurate signal of its reliability. In order to determine whether warranties actually serve as reliability signals, appliances and motor vehicles were studied, with the results indicating that even after controlling for other cues, warranties do indeed serve as accurate signals of reliability.
Publication Name: Journal of Consumer Research
Subject: Social sciences
ISSN: 0093-5301
Year: 1985
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More on multidimensional quality: a reply
Article Abstract:
Overall quality ratings are the best means to approach the subject of product efficiency. The proposition of Curry and Faulds is not entirely accurate since the test scales weights are highly correlated. Instead, the use of the concordance test can be of greater utility in measuring product efficiency. The advantage of the concordance test in terms of accuracy is that it respects ordinal data while the test scales do not.
Publication Name: Journal of Consumer Research
Subject: Social sciences
ISSN: 0093-5301
Year: 1986
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