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Article: A paradox of price-quality and market efficiency: A comparative study of the US and China markets

TitleA paradox of price-quality and market efficiency: A comparative study of the US and China markets
Authors
KeywordsChina
Market efficiency
Measurement invariance
Price-quality schema
Risk aversion
Issue Date2002
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ijresmar
Citation
International Journal Of Research In Marketing, 2002, v. 19 n. 4, p. 349-365 How to Cite?
AbstractThe price-quality schema rests on an assumption that price is credible information about product quality. However, the credibility of price information varies across different markets. In an inefficient market, consumers would believe in the price-quality relationship to a lesser extent because price information is less credible. Paradoxically, in such a market, sometimes consumers have to rely more on price to infer quality because other product information is less available. With a cross-national perspective, this study investigated the influences of market efficiency and consumer risk aversion on the price-quality schema between the China and the US markets. We found that due to the inefficient market environment, Chinese consumers possess a weaker price-quality schema than American consumers. Chinese consumers are more risk averse than their American counterparts. However, in China, risk-averse consumers are more likely to use price to infer product quality. Implications for global marketing are discussed, and directions for future research are suggested. © 2002 Elsevier Science B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/85775
ISSN
2015 Impact Factor: 1.833
2015 SCImago Journal Rankings: 3.004
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorZhou, KZen_HK
dc.contributor.authorSu, Cen_HK
dc.contributor.authorBao, Yen_HK
dc.date.accessioned2010-09-06T09:09:06Z-
dc.date.available2010-09-06T09:09:06Z-
dc.date.issued2002en_HK
dc.identifier.citationInternational Journal Of Research In Marketing, 2002, v. 19 n. 4, p. 349-365en_HK
dc.identifier.issn0167-8116en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85775-
dc.description.abstractThe price-quality schema rests on an assumption that price is credible information about product quality. However, the credibility of price information varies across different markets. In an inefficient market, consumers would believe in the price-quality relationship to a lesser extent because price information is less credible. Paradoxically, in such a market, sometimes consumers have to rely more on price to infer quality because other product information is less available. With a cross-national perspective, this study investigated the influences of market efficiency and consumer risk aversion on the price-quality schema between the China and the US markets. We found that due to the inefficient market environment, Chinese consumers possess a weaker price-quality schema than American consumers. Chinese consumers are more risk averse than their American counterparts. However, in China, risk-averse consumers are more likely to use price to infer product quality. Implications for global marketing are discussed, and directions for future research are suggested. © 2002 Elsevier Science B.V. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ijresmaren_HK
dc.relation.ispartofInternational Journal of Research in Marketingen_HK
dc.rightsInternational Journal of Research in Marketing. Copyright © Elsevier BV.en_HK
dc.subjectChinaen_HK
dc.subjectMarket efficiencyen_HK
dc.subjectMeasurement invarianceen_HK
dc.subjectPrice-quality schemaen_HK
dc.subjectRisk aversionen_HK
dc.titleA paradox of price-quality and market efficiency: A comparative study of the US and China marketsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0167-8116&volume=19 &issue=4&spage=349&epage=365&date=2002&atitle=A+Paradox+of+Price-Quality+and+Market+Efficiency:+A+Comparative+Study+of+the+U.S.+and+China+Marketsen_HK
dc.identifier.emailZhou, KZ: kevinz@hkucc.hku.hken_HK
dc.identifier.authorityZhou, KZ=rp01127en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/S0167-8116(02)00096-4en_HK
dc.identifier.scopuseid_2-s2.0-0036891662en_HK
dc.identifier.hkuros81620en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0036891662&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume19en_HK
dc.identifier.issue4en_HK
dc.identifier.spage349en_HK
dc.identifier.epage365en_HK
dc.identifier.isiWOS:000179677500003-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridZhou, KZ=7202914654en_HK
dc.identifier.scopusauthoridSu, C=7402819677en_HK
dc.identifier.scopusauthoridBao, Y=7202213616en_HK

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