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The Effect of advertising on price and quality: the optometric industry revisited

Author: Parker, Philip M. INSEAD Area: Marketing Series: Working Paper ; 90/84/MKT Publisher: Fontainebleau : INSEAD, 1990.Language: EnglishDescription: 30 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: Theoretical research has long debated whether advertising increases market efficiencies (fostering high quality, low-priced products) or leads to perverse equilibria (fostering low-quality, higher-priced rip-offs). This debate, and subsequent empirical studies, have had an impact on policy-making and the deregulation of advertising and marketing activities, especially for professional service industries. Since a landmark US Supreme Court decision in 1977, the professions have engaged in previously banned commercial practices including newspaper, radio and television advertising. Empirical studies have investigated the possible existence of perverse equilbria in optometric markets where advertisers offering low-quality eye examinations compete against nonadvertisers offering higher quality..
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Theoretical research has long debated whether advertising increases market efficiencies (fostering high quality, low-priced products) or leads to perverse equilibria (fostering low-quality, higher-priced rip-offs). This debate, and subsequent empirical studies, have had an impact on policy-making and the deregulation of advertising and marketing activities, especially for professional service industries. Since a landmark US Supreme Court decision in 1977, the professions have engaged in previously banned commercial practices including newspaper, radio and television advertising. Empirical studies have investigated the possible existence of perverse equilbria in optometric markets where advertisers offering low-quality eye examinations compete against nonadvertisers offering higher quality..

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