Two extremes: near-commodity markets, there is zero or negative expected value to marginal unit of effort.
Winner-take-all markets, ALL the value is concentrated in the last quality edge that breaks you away from the pack.
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A draft economic definition of quality (of products, services).
Quality is expected value added by a marginal unit of effort.
It is very sensitive to *volatility* in valuation of *total effort.*
Ergo: price volatility ==> lower quality (you bound farther away from E(V)=0)
