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Repeat purchases under quality uncertainty. (English) Zbl 0816.90048
Summary: If the quality of a seller’s products is uncertain and a single purchase cannot reveal the seller’s expected quality, all sellers may benefit if their mean quality or type is not revealed.
MSC:
91B26 Auctions, bargaining, bidding and selling, and other market models
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References:
[1] McGuire, T.G., Patients’ trust and the quality of physicians, Economic inquiry, 21, no. 2, 203-222, (1983)
[2] Nelson, P., Information and consumer behaviour, Journal of political economy, 78, 311-329, (1970)
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