Electoral turnout cannot be easily explained by reference to instrumental rationality. Instead, turnout depends on consumption gains arising from the act of voting. This paper distinguishes between utility derived from fulfilling a civic duty and utility derived from expressing a political...

This paper analyses the impact of standardization on welfare of consumers who rely on signals as indicators of product quality. a variance reduction approach suggests that, after standardization, consumers will choose to rely on fewer signals in their evaluation of product quality. the optimal...

Consumers evaluate product quality with information signals such as brand name giving an advantage to established firms over other firms even when introducing a new product. Another signal is 'country of origin' and, as high-income countries focus more heavily on higher quality goods, there is a...