Product Quality and Imperfect Information
研究消费者对价格和质量信息不完全的市场，分析两种偏好情形下均衡存在的条件，发现企业会利用信息不完全收取非竞争价格并调整质量。
This paper considers markets in which consumers are imperfectly informed about both product prices and quality levels offered by firms. We characterize necessary and sufficient conditions for existence of the various equilibrium configurations of price and quality that can arise in two paradigm cases; when all consumers prefer higher quality and when all consumers prefer lower quality. Our results suggest that firms will exploit imperfect information by charging noncompetitive prices as well as by offering other than ideal quality in the former case, but only by changing noncompetitive prices in the latter case.