Quality Uncertainty and Perception Information Asymmetry and Managem
The book addresses the complex issue of quality uncertainty due to information asymmetry in the backdrop of information economics, total quality management and marketing science. Reliability Engineering, Seven Management Tools and System Dynamics are used
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Lalit Wankhade
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Balaji Dabade
Quality Uncertainty and Perception Information Asymmetry and Management of Quality Uncertainty and Quality Perception
Lalit Wankhade SGGS Institute of Engineering & Technology Dept. Production Engineering 431606 Vishnupuri Nanded, Maharashtra India [email protected]
Prof. Dr. Balaji Dabade SGGS Institute of Engineering & Technology Dept. Production Engineering 431606 Vishnupuri Nanded, Maharashtra India [email protected]
ISBN 978-3-7908-2194-9 e-ISBN 978-3-7908-2195-6 DOI 10.1007/978-3-7908-2195-6 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2010925728 # Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg, Germany printed on acid-free paper Physica‐Verlag is a brand of Springer‐Verlag Berlin Heidelberg Springer‐Verlag is a part of Springer Science+Business Media (www.springer.com)
Preface
It has been observed that the studies of quality are pursued in various disciplines like economics, quality management, and marketing science, and are seen isolated. The treatments imparted to these studies are also different and has the backdrop of discipline in which the work has been pursued. The nature of isolation is equally seen when quality uncertainty and perceived quality were pursued separately without showing any inkling that these can be complimentary. Economist and Nobel Laureate, Akerlof (1970), wrote a seminal piece “The market for lemons: quality uncertainty and market mechanism”, where he described quality uncertainty due to information asymmetry. It refers to the fact that a party in a transaction may have more information than the other. This is information asymmetry. If the seller has more information than the buyer about the product quality, he/she may sell it, as if it is a high-quality product. In reality, it could be a low-quality product. The buyer does not have the information regarding the quality of the offered product. The market condition that led to this transaction is quality uncertainty due to information asymmetry. An attempt was made in 1980s by Parasuraman, Zeithaml, and Berry, to develo
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