Journal ArticleDOI
Advertising as Information
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In this paper, the major features of the behavior of advertising can be explained by advertising's information function, and it is shown that the most important information conveyed by advertising is simply that the brand advertises.Abstract:
This paper tries to show how the major features of the behavior of advertising can be explained by advertising's information function. For search qualities advertising provides direct information about the characteristics of a brand. For experience qualities the most important information conveyed by advertising is simply that the brand advertises. This contrast in advertising by these qualities leads to significant differences in its behavior. How does advertising provide information to the consumer? The producer in his advertising is not interested directly in providing information for consumers. He is interested in selling more of his product. Subject to a few constraints, the advertising message says anything the seller of a brand wishes. A mechanism is required to make the selling job of advertising generate information to the consumer. [Авторский текст]read more
Citations
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A Conceptual Model of Service Quality and Its Implications for Future Research
TL;DR: The attainment of quality in products and services has become a pivotal concern of the 1980s as discussed by the authors, while quality in tangible goods has been described and measured by marketers, quality in services is la...
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Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence:
TL;DR: In this paper, evidence from past research and insights from an exploratory investigation are combined in a conceptual model that defines and relates price, perceived quality, and perceived value for a product.
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Corporate Social Responsibility: a Theory of the Firm Perspective
TL;DR: In this article, the authors outline a supply and demand model of corporate social responsibility (CSR) and conclude that there is an "ideal" level of CSR, which managers can determine via cost-benefit analysis.
Journal ArticleDOI
The Role of Market Forces in Assuring Contractual Performance
Benjamin Klein,Keith B. Leffler +1 more
TL;DR: The conditions under which transactors can use the market (repeat-purchase) mechanism of contract enforcement are examined in this article, where increased price is shown to be a means of assuring contractual performance.
Journal ArticleDOI
A Historical Comparison of Resource-Based Theory and Five Schools of Thought Within Industrial Organization Economics: Do We Have a New Theory of the Firm?
TL;DR: A resource-based approach to strategic management focuses on costly-to-copy attributes of the firm as sources of economic rents and, therefore, as the fundamental drivers of performance and competitive advantage as discussed by the authors.
References
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Journal ArticleDOI
Crime and Punishment: An Economic Approach
TL;DR: In fact, some common properties are shared by practically all legislation, and these properties form the subject matter of this essay as discussed by the authors, which is the basis for this essay. But, in spite of such diversity, some commonsense properties are not shared.
Journal ArticleDOI
Information and Consumer Behavior
TL;DR: In this article, the authors argue that consumers lack full information about the prices of goods, but their information is probably poorer about the quality variation of products simply because the latter information is more difficult to obtain.
Book
A first course in stochastic processes
Samuel Karlin,Howard M. Taylor +1 more
TL;DR: In this paper, the Basic Limit Theorem of Markov Chains and its applications are discussed and examples of continuous time Markov chains are presented. But they do not cover the application of continuous-time Markov chain in matrix analysis.
Book ChapterDOI
The Economics of Information
TL;DR: In this paper, the identification of sellers and the discovery of their prices is described as an example of the role of the search for information in economic life, and the identification and discovery of prices of goods and services is discussed.
Journal ArticleDOI
On the economics of information
TL;DR: The primary message from these and other comments made during the panel discussion was the need to probe more deeply into the utility of knowledge for decision-making, to shift priorities toward making data more usable to policy-makers than to collectors and disseminators.