AHA-BUCH

Quality Uncertainty and Perception

Information Asymmetry and Management of Quality Uncertainty and Quality Perception
 Buch
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ISBN-13:
9783790821949
Einband:
Buch
Erscheinungsdatum:
01.07.2010
Seiten:
137
Autor:
Lalit Wankhade
Gewicht:
391 g
Format:
241x165x18 mm
Serie:
Contributions to Management Science
Sprache:
Englisch
Beschreibung:

First book to apply reliability engineering techniques on management issues of quality uncertainty and perceptionUsing modern system dynamics techniques in marketing science
99
Quality Uncertainty Due to Information Asymmetry.- Perceived Quality Through Time.- Quality Uncertainty and Quality Perception.- Root Cause and Failure Analysis of Quality Uncertainty.- Dynamics of Quality Perception.- Future Directions of Quality Perception.
It has been observed that the studies of quality are pursued in various disciplines like economics, quality management, and marketing science, and are seen isolated. The treatments imparted to these studies are also different and has the backdrop of discipline in which the work has been pursued. The nature of isolation is equally seen when quality uncertainty and perceived quality were pursued separately without showing any inkling that these can be complimentary. Economist and Nobel Laureate, Akerlof (1970), wrote a seminal piece "The market for lemons: quality uncertainty and market mechanism", where he described quality uncertainty due to information asymmetry. It refers to the fact that a party in a transaction may have more information than the other. This is information asymmetry. If the seller has more information than the buyer about the product quality, he/she may sell it, as if it is a high-quality product. In reality, it could be a low-quality product. The buyer does not have the information regarding the quality of the offered product. The market condition that led to this transaction is quality uncertainty due to information asymmetry.