Accession Number : AD0650139

Title :   JUDGING QUALITY BY PRICE, SNOB APPEAL, AND THE NEW CONSUMER THEORY.

Descriptive Note : Research paper,

Corporate Author : PRINCETON UNIV N J ECONOMETRIC RESEARCH PROGRAM

Personal Author(s) : Alcaly,Roger E. ; Klevorick,Alvin K.

Report Date : DEC 1966

Pagination or Media Count : 19

Abstract : The paper provides an analytical treatment of judgment of quality by price and snob appeal. It summarizes the relevant aspects of Lancaster's approach and shows how snob appeal and judgment of quality by price can be incorporated into the 'new consumer theory'. Making use of this integration, the authors derive analytically the conditions under which positively sloping demand curves will result. In the course of this demonstration, the new consumer theory provides a vehicle for including prices in the utility functions of traditional theory.

Descriptors :   (*ECONOMICS, THEORY), EQUATIONS, BUDGETS, COSTS, DIFFERENTIAL EQUATIONS, EFFICIENCY, DETERMINANTS(MATHEMATICS), MONEY, DECISION MAKING

Subject Categories : Economics and Cost Analysis

Distribution Statement : APPROVED FOR PUBLIC RELEASE