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A New Look at Old Coefficients The Price-Quality Relationship Re-evaluated

机译:重新审视旧系数价格质量关系得到重新评估

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摘要

For more than 50 years, numerous studies have shown low price-quality correlation coefficients, mostly close to 0.2. That prices fail to function as valid indicators of product quality has been interpreted as informational market failure. This article, however, argues, that, according to the economic theory of price formation, prices are not an indicator of quality, but an indicator of scarcity. This allows the conclusion that workable consumer goods markets, at least as seen from the consumer's point of view, should be characterized by low or even negative correlation coefficients rather than by strong positive coefficients.
机译:50多年来,许多研究表明价格质量相关系数很低,大部分接近0.2。价格不能作为产品质量的有效指标已被解释为信息市场失灵。但是,本文认为,根据价格形成的经济学理论,价格不是质量的指标,而是稀缺的指标。这可以得出这样的结论:至少从消费者的角度来看,可行的消费品市场应该以低甚至负的相关系数为特征,而不是以强的正系数为特征。

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