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Quality Uncertainty in Early Economic Thought

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  • Sylvie Lupton

Abstract

This article highlights the contributions of early economic thought to quality uncertainty. Both Roman law regarding fraud and medieval thinkers (such as Vacarius, Thomas Aquinas, Henry of Ghent, and Astesanus of Asti) scrutinized asymmetric information and shared uncertainty regarding product quality, although not in the same terms as the modern literature. This retrospective analysis will help clarify how early economic thought can enlighten us both on the nature and consequences of quality uncertainty and the mechanisms to address it, and may have even predicted the issues that have been addressed by modern information economics.

Suggested Citation

  • Sylvie Lupton, 2015. "Quality Uncertainty in Early Economic Thought," History of Political Economy, Duke University Press, vol. 47(3), pages 511-534, September.
    • Handle: RePEc:hop:hopeec:v:47:y:2015:i:3:p:511-534
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    Citations

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    Cited by:

    1. Jean-Sébastien Lenfant, 2017. "Early Debates on Quality, Market Coordination and Welfare in the U.S. in the 1930s," Working Papers hal-01763828, HAL.
    2. Pierre Januard, 2022. "Risks on Trade: The Activity of the Merchant in Thomas Aquinas's Commentary on the Sentences," Working Papers halshs-03313255, HAL.
    3. Pierre Januard, 2022. "At the Boundaries of the Trading Sphere: The Appearance of the 'Just Price' in Thomas Aquinas's Commentary on the Sentences," Working Papers halshs-03658417, HAL.
    4. Chloé Tankam & Dominique Vollet & Olivier Aznar, 2019. "Between information asymmetry and shared uncertainty, an analysis of organic certification systems for the Kenyan domestic market [Entre asymétrie d'information et incertitude partagée analyse des ," Post-Print hal-02534461, HAL.

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