Philip Nelson
Encyclopedia
Phillip Nelson is an emeritus professor in economics at SUNY Binghamton. He is noted for having been the first to observe the distinction between an experience good
and a search good
.
Experience good
In economics, an experience good is a product or service where product characteristics such as quality or price are difficult to observe in advance, but these characteristics can be ascertained upon consumption...
and a search good
Search good
In economics, a search good is a product or service with features and characteristics easily evaluated before purchase. In a distinction originally due to Philip Nelson, a search good is contrasted with an experience good....
.