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| Author: | Twigg-Flesner, C. Weatherill, S. Willett, C. |
| Title: | Law, Information and Product Quality. Introductory Remarks by the Editors of the Special Issue |
| Journal: | Journal of Consumer Policy
2002 : SEP-DEC, VOL. 25:3-4, p. 291-297 |
| Index terms: | LAW INFORMATION QUALITY REVIEWS |
| Language: | eng |
| Abstract: | The supply of information about quality is of central importance to the proper functioning of markets for goods and services. In the perfectly competitive market, which one finds only in textbook theoretical models, resources are allocated to their most efficient use by means of messages transmitted by the demand side of the market - consumers, for the authors' purposes - to the supply side. What is made, is what is (most) wanted. In practice imperfections contaminate this model. Of primary importance to the areas explored in this Special Issue are deficiencies in the supply of information. If consumers do not know with accuracy the quality of goods or services that are available then the model of resource allocation driven by a message transmitted by buyer to seller. |
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