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In the world of French high cuisine, a three-star rating from the Michelin Red Guide is a widely accepted indicator of gastronomic excellence. French consumers consider Gault Milleau, another restaurant guide, not as authoritative as the Michelin guide because Gault Milleau, unlike Michelin, accepts advertising and its critics accept free meals (William Echikson, "Wish Upon a Star," Wall Street Journal, February 28, 2003, A8).
a. Why are guides' ratings important to restaurant owners and chefs? Discuss the effect of a restaurant's rating on the demand for the restaurant.
b. Why do advertising and free meals taint the credibility of Gault Milleau? Discuss the moral hazard problem of Gault Milleau's ratings.
c. If advertising and free meals taint the credibility of Gault Milleau, why does the guide accept advertising and free meals?
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
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paid $200 for business cards, $1,000 for a listing in yellow pages, and $250 for an annual business license. She also leased a professional portrait camera and studio lighting equipment by signing an agreeement to pay a monthly lease of $1000 per ..
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Why does this test have limited value?
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suggest that autonomy and cultural regulation are more fundamental than the dichotomy between markets and plans in classifying systems?
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