Consumer Product Quality and the Optimal Choice: A Perfect Information Frontier Approach (Manuscripts‪)‬

SCOPE AND RATIONALE Consumer search and evaluation as a process, and consumer information as a product are considered pivotal elements of consumer freedom of choice in the free and competitive market system. Well-informed consumers become able to make their buying decisions wisely and freely which in the long run helps the market in which they operate to prepare for better responses to consumer demand and expectations. The benefits of the knowledgeable choices, therefore, are not only for consumers to reap, but also are more likely to spill over the market structure enhancing its effectiveness and facilitating its operations. According to Wilkie and Dickson (1991), informed consumer choice rewards sellers who offer better marketing mixes, and stimulates other marketers to improve their offerings.