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

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.

Document Details

Document Type
Technical Report
Publication Date
Dec 01, 1966
Accession Number
AD0650139

Entities

People

  • Alvin K. Klevorick
  • Roger E. Alcaly

Organizations

  • Princeton University

Tags

DTIC Thesaurus Topics

  • Cognition
  • Consumers
  • Demonstrations
  • Judgment
  • Mental Processes

Readers

  • Energy Conservation and Renewable Energy Engineering.
  • Theoretical Analysis.