Quality labeling and information asymmetry: identification of quality labeling certification schemes in Bulgaria

Third party certification provides assurance to consumers that the information supplied by firms is correct. Consumers may question the validity of the information provided by firms, particularly for credence goods. Third party certification provides consumers with an objective evaluation of the product’s quality attributes and helps firms establish credible market claims. An identification and analysis of third parties quality labelling schemes in Bulgaria is presented. Discussion focuses on the coverage, promoters/owners and stakeholder inclusion in such schemes, and consideration of their impartiality, accessibility, independence and transparency. The disclosure of information to consumers by third parties quality certification is explored. Conclusions are drawn regarding their potential role in future shifts towards efficient consumer information practices in Bulgaria.