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Mallard, Alexandre/Francès Jean/Tricoire Aurélie (2020)In: Laurent, Brice/Mallard, Alexandre (eds.), Labelling the Economy. Qualities and Values in Contemporary Markets. Singapore: Palgrave Macmillan, pp 151-183.EXTRACT“Spence showed that specific categories of information displayed in the market by suppliers are prone to generate a signal enabling the buyers to distinguish between products of different quality. Although these research works didn’t deal with labels properly speaking, they laid the basis for their later analysis in the frameworks of neo-institutional economics or the economics of convention: a label was conceived as a piece of information operating as a signal, that could be institutionalized in the market in order to explicitly guide all the actors in their transactions, help them to overcome information asymmetry and generate trust. This analytic orientation explains the plethora of research assuming that market signalling is the right framework to deal with labels (Caswell and Mojduszka 1996; Raynaud et al. 2002).” (p. 153-154)Link