Price Advertising and the Deterioration of Product Quality
论证即使广告只传递价格信息，价格也能间接成为质量信号，从而允许广告反而能提升消费者福利，反驳了广告会降低产品质量的观点。
Arguments in favour of self-enforced bans on advertising by professionals often rely on the stylized fact that advertising can communicate information about price but not about quality. This being the case, it is argued that allowing professionals to advertise runs the risk that firms will compete vigorously over price at the expense of the quality of their product. This paper shows that even if price can communicate no information directly about quality, it can do so indirectly because price will be a signal of quality. Because of this, allowing advertising is shown to improve consumer welfare.