High and Declining Prices Signal Product Quality
论证高价格是传递高质量信号的有效手段，因为销量损失对低成本低质量产品伤害更大；随着时间推移和知情消费者增加，信号扭曲减弱，价格下降。
High and declining prices signal a high-quality product. High prices are the efficient means of signaling, because the consequent loss of sales volume is most damaging for lower-cost, lower-quality products. As time passes and the number of informed consumers increases, the signaling distortion lessens, resulting in a declining price profile. The prediction of high and declining prices is robust across a variety of dynamic models and is consistent with recent empirical findings. Copyright 1991 by American Economic Association.