On the market with incomplete information, because of asymmetric information of product, the brand makes value through reducing the consumers' choice cost.

在不完全信息的市场上，由于信息的不对称，品牌通过降低消费者的选择成本而形成价值。

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It gives a distinction between transaction cost and choice cost and further deepens the acknowledge of choice cost that is the core concept of brand economics.

本文区分了交易费用与选择成本的差别，进一步深化了对“品牌经济学”分析范式的核心范畴——选择成本的认识。

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We consider that the economic nature of brand is to reduce the choice cost of consumers and affect the choices of consumers, and the choices of consumer decide sales and profit of the firm.

品牌的经济学本质是降低消费者的选择成本，进而影响消费者对品牌的选择，而消费者选择又决定了厂商的销售量和利润。

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Even where there is a choice, the cost of switching banks can be very high.

ECONOMIST: British banking

If there is some loss of consumer choice, the cost may be outweighed by efficiencies from bundling.

ECONOMIST: Economics focus

The implication is that patients and doctors constantly face the choice between high-cost, state-of-the-art care and moderate-cost, conventional care.

CNN: Commentary: US health costs out of control