The paper formalizes the intuition that brands are consumed for image reasons and that advertising creates a brand … consumption by rendering brands a signalling device. In a price competition framework, we show that advertising increases …'s image. The key idea is that advertising informs the public of brand names and creates the possibility of conspicuous …

aspect of the services of experts (e.g., of doctors, lawyers, and accountants), and the role that voluntary pro bono work … might play. Expert services have un- verifiable quality to non-experts and are subject to moral hazard. Experts who cheat … their customers should crowd out experts who do not, resulting in low trust, prestige, and wages. We ask how pro bono work …