When product or service quality cannot be well-specified ex-ante because of uncertainty and information asymmetry, consumer surplus (CS) is not well-defined or known ex-ante. Traditional measures of CS have implicitly assumed that the quality expected is the same as the quality that is paid for....

When product or service quality cannot be well-specified ex-ante because of uncertainty and information asymmetry, consumer surplus (CS) is not well-defined or known ex-ante. Traditional measures of CS have implicitly assumed that the quality expected is the same as the quality that is paid for....