Abstract
A brand is a kind of sign by which we can distinguish one commodity from another. Commodity prices, as well as consumers’ utility and firms’ profit, are affected by brands. Presents a theoretical framework that incorporates aspects of brand in microeconomic analysis. The theory developed makes it possible to infer the quality of differentiated products from the price distribution of the second‐hand market for that product. A case study illustrates the workings of the methodology; the application evaluates the quality of the Japanese motorcycle manufacturers.
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