A Note on Consumer Surplus With Quality Variation (Classic Reprint)

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Excerpt from A Note on Consumer Surplus With Quality VariationIn this paper we extend the consumer surplus1 concept, to compare equilibria characterized by both price and quality changes. There are numerous situations where it is possible to provide a high quality-high price service or a lower price-low quality service, the problem that arises is evaluating the welfare loss or gain in moving from one equilibrium to another. Examples of such situations are, for instance, those faced by public utilities (determining the quality of service, in this case the probability of power failure), the decision to set quality standards by telephone companies (the probability of a call going through), the service provided by a computer center (the probability of achieving a certain turnaround time), highway design (the probability of getting from point A to point B in a certain time) and the water board (the purity of the water supplied).About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.