MARK 4500 Lecture Notes - Lecture 6: Marginal Utility, Super Bowl, The Strongest
8 Mar 2018
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What is consumer protection and is it necessary? (cont. ) Differences exist amongst consumers so it is difficult to generalize about their behavior. It is hard to create a market environment that maximizes benefits while minimizing risks. The strongest test of the value of a particular type of search of consumer information is its ability to influence/change consumer behavior as measured in the market place. I(cid:374)for(cid:373)atio(cid:374) a(cid:271)out sugar (cid:272)o(cid:374)te(cid:374)t i(cid:374) kids" (cid:272)ereals lead to a (cid:373)easura(cid:271)le increase in low sugar cereals (class) So good at gaining/evaluating information that they are able to impact (discipline) firms and the market to the extent that lesser skilled consumers benefit from the mavens efforts.
