The evolution of credence goods in customer markets: exchanging 'pigs in pokes'
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When consumers buy products like for instance food products, they make
choices by comparing price and quality among alternatives|e.g. a standard
product and an animal-welfare oriented variant. The choice between product
variants is influenced by the available information channels and the related
uncertainty of information concerning dierent quality characteristics. For in-
stance, the amount of visible fat of a pork chop wrapped in plastic can imme-
diately be inspected and the taste of pork can be experienced, but the previous
welfare of the dead pig is to most consumers a matter of loosely grounded be-
lief. The consumer can to some extent improve his or her level of...
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The evolution of credence goods in customer markets: exchanging `pigs in pokes'
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The evolution of credence goods in customer markets: exchanging `pigs in pokes'
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