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Encyclopedia > Experience good

In economics, an experience good is a product or service where product characteristics such as quality or price are difficult to observe. The concept is originally due to Nelson; an experience good is contrasted with a search good.


Experience goods pose difficulties for consumers in accurately making consumption choices. In service areas such as healthcare they reward reputation and create inertia. Experience goods typically have lower price elasticity than search goods, as consumers fear lower prices may be due to unobservable problems or quality issues.


References

Philip Nelson, "Information and Consumer Behavior", 78 Journal of Political Economy 311, 312 (1970).


  Results from FactBites:
 
AsiaFinest Discussion Board -> There is no good or evil..... (2684 words)
In principle good and evil exist only as expressions of our understanding of suffering, "people existed before a notion of good and evil" is the speculation here.
In any case (and now to the point) experience still precedes knowledge regardless of what that knowledge is part of - even if there is a great definiton of good and evil experience is required to understand what this knowledge means.
it is the prior experience that introduces one to the latter experience, even if one is to consider the latter experience, new and different from the former, it can not occur until the former experience is known.
MDR-Associates, Inc. (4608 words)
Person should have a minimum of 10 years experience in purchasing and have at least 3 years experience as a corporate director of purchasing.
Candidate should have 3 or more years experience in the internal audit department of a casino, though not required, a BS degree is preferred.
Candidate should have at least 3 years supervisory experience in bus promotions, have good management skills, be a energetic team player, have good communications skills both oral and written, and be computer literate.
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