Information about Search Good
In economics, a search good is a product or service with features and characteristics easily evaluated before purchase. In a distinction originally due to Philip Nelson, a search good is contrasted with an experience good.
Search goods are more subject to price competition, as consumers can easily verify the price of the product at other outlets and make sure that the products are comparable. Branding and detailed product specifications act to transform a product from an experience good into a search good.
In economics the term common good is used to refer to rivalrous and non-excludable goods. One of the most common ways of looking at goods in economics, illustrated in the table below, is the classic division based
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Search goods are more subject to price competition, as consumers can easily verify the price of the product at other outlets and make sure that the products are comparable. Branding and detailed product specifications act to transform a product from an experience good into a search good.
References
- Luis M. B. Cabral: Introduction to Industrial Organisation, Massachusetts Institute of Technology Press, 2000, page 223. ISBN 0-262-03286-4
- Philip Nelson, "Information and Consumer Behavior", 78 Journal of Political Economy 311, 312 (1970).
| Types of goods
public good - private good - common good - common-pool resource - club good - anti-rival goods
inferior good - normal good - ordinary good - Giffen good - luxury good - Veblen good - superior good search good - (post-)experience good - merit good - credence good - demerit good |
Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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Phillip Nelson is an emeritus professor in economics at SUNY Binghamton. He is noted for having been the first to observe the distinction between an experience good and a search good.
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References
- Luis M. B.
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In economics, an experience good is a product or service where product characteristics such as quality or price are difficult to observe in advance, but these characteristics can be ascertained upon consumption.
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Non-price competition is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship" (McConnell-Brue, 2002, p. 437-438).
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A good or commodity in economics is any object or service that increases utility, directly or indirectly, not to be confused with good in a moral or ethical sense (see Utilitarianism and consequentialist ethical theory).
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public good is a good that is non-rival and non-excludable. This means that consumption of the good by one individual does not reduce the amount of the good available for consumption by others; and no one can be effectively excluded from using that good.
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A private good is defined in economics as a good that exhibits these properties:
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- Excludable - it is reasonably possible to prevent a class of consumers (e.g. those who have not paid for it) from consuming the good.
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For the philosophical term, see .
In economics the term common good is used to refer to rivalrous and non-excludable goods. One of the most common ways of looking at goods in economics, illustrated in the table below, is the classic division based
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A common-pool resource (CPR), alternatively termed a common property resource, is a particular type of good consisting of a natural or human-made resource system, the size or characteristics of which makes it costly, but not impossible, to exclude potential beneficiaries
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Club goods (also known as collective goods) are a type of good in economics, sometimes classified as a subtype of public goods that are excludable but non-rivalrous, at least until reaching a point where congestion occurs.
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Types of goods public good - private good - common good - common-pool resource - club good - anti-rival goods rivalrous good and non-excludable good complement good vs. substitute good free good vs.
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In economics, a good is considered either rivalrous (rival) or nonrival. Rival goods are goods whose consumption by one consumer prevents simultaneous consumption by other consumers. Most goods, both durable and nondurable, are rival goods. A hammer is a durable rival good.
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Excludability is defined in economics as whether or not it is possible to exclude people who have not paid for a good or service from consuming it. Where it is impossible to prevent an individual who does not pay for that thing from enjoying the benefits of it, the good is termed
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A complementary good or complement good in economics is a good which is consumed with another good; its cross elasticity of demand is negative. This means that, if goods A and B were complements, more of good A being bought would result in more of good B also being bought.
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In economics, one kind of good (or service) is said to be a substitute good for another kind insofar as the two kinds of goods can be consumed or used in place of one another in at least some of their possible uses.
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The free good is a term used in economics to describe a good that is not scarce. A free good is available in as great a quantity as desired with zero opportunity cost to society.
A good that is made available at zero price is not necessarily a free good.
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A good that is made available at zero price is not necessarily a free good.
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In economics, scarcity is defined as the condition of human wants and needs exceeding production possibilities. In other words, society does not have sufficient productive resources to fulfill those wants and needs.
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Positional goods are products and services whose value is mostly, if not exclusively, a function of their ranking in desirability in comparison to substitutes. The extent to which a good's value depends on such a ranking is referred to as its positionality.
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In economics, a durable good or a hard good is a good which does not quickly wear out, or more specifically, it yields services or utility over time rather than being completely used up when used once. Most goods are therefore durable goods to a certain degree.
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Intermediate goods or producer goods are goods used as inputs in the production of other goods, such as partly finished goods or raw materials. A firm may make then use intermediate goods, or make then sell, or buy then use them.
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final goods are goods that are ultimately consumed rather than used in the production of another good. For example, a car sold to a consumer is a final good; the components such as tires sold to the car manufacturer are not; they are intermediate goods used to make the final good.
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final goods are goods that are ultimately consumed rather than used in the production of another good. For example, a car sold to a consumer is a final good; the components such as tires sold to the car manufacturer are not; they are intermediate goods used to make the final good.
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In economics, capital goods, in contrast to consumer goods, are goods used in the production of (physical) capital. Capital goods refer to real products that are utilized in the production of other products but are not incorporated into the other products themselves.
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In consumer theory, an inferior good is a good that increases in demand when the consumers income falls, unlike normal goods, for which the opposite is observed. Inferiority, in this sense, is an observable fact rather than a statement about the quality of the good.
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In economics, normal goods are any goods for which demand increases when income increases, i.e. with a positive income elasticity of demand. The term does not necessarily refer to the quality of the good.
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An ordinary good is a microeconomic concept used in consumer theory. It is defined as a good which creates increased demand when the price for the good drops or conversely decreased demand if the price for the good increases, ceteris paribus.
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A Giffen good is an inferior good for which a rise in its price makes people buy even more of the product as a consequence of the income effect. Evidence for the existence of Giffen goods is limited, but there is an economic model that explains how such a thing could exist.
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luxury good is a good for which demand increases more than proportionally as income rises, contrast with inferior good and normal good. Luxury goods are said to have high income elasticity of demand: as people become more wealthy, they will buy more and more of the luxury good.
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Veblen goods if people's preference for buying them increases as a direct function of their price.
It is claimed that some types of high-status goods, such as expensive wines or perfumes, are Veblen goods, in that decreasing their prices decreases
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It is claimed that some types of high-status goods, such as expensive wines or perfumes, are Veblen goods, in that decreasing their prices decreases
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Superior goods make up a larger proportion of consumption as income rises, and as such are a type of normal goods in consumer theory.
The income elasticity of a superior good is above one by definition, because it raises the expenditure share as income rises.
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The income elasticity of a superior good is above one by definition, because it raises the expenditure share as income rises.
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