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Experience Goods, Expectations and Pricing

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  • Kim, Jae-Cheol

Abstract

This paper studies a peculiar problem involved in the pricing of an "experience good" whose value is not known to consumers until it is actually consumed. It shows that the producer faces an exceptional problem that does not arise in the framework of a "search good." Noticing a link between markets in earlier and later periods due to the expectational problem, the present paper analyzes equilibrium price patterns when a producer can precommit to a certain future price path and when he cannot. It also discusses social welfare implications. Copyright 1992 by The Economic Society of Australia.

Suggested Citation

  • Kim, Jae-Cheol, 1992. "Experience Goods, Expectations and Pricing," The Economic Record, The Economic Society of Australia, vol. 68(200), pages 7-15, March.
    • Handle: RePEc:bla:ecorec:v:68:y:1992:i:200:p:7-15
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    Cited by:

    1. Krahmer, Daniel, 2003. "Entry and experimentation in oligopolistic markets for experience goods," International Journal of Industrial Organization, Elsevier, vol. 21(8), pages 1201-1213, October.
    2. J. Miguel Villas-Boas, 2000. "Competing with Experience Goods," Econometric Society World Congress 2000 Contributed Papers 0771, Econometric Society.
    3. Krähmer, Daniel, 2002. "Entry and experimentation in oligopolistic markets for experience goods [Markteintritt und Experimentation in oligopolistischen Märkten für Erfahrungsgüter]," Discussion Papers, Research Unit: Market Processes and Governance FS IV 02-13, WZB Berlin Social Science Center.

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