Abstract
The value of information conveyed from seller to buyer via advertising decays over time and across space. In consequence, the supply of advertising as specific, identifiable signals is shown to be a function of the durability of the signals conveyed. The general impliction that price signalling and locational signalling will be conducted primarily by local vendors as opposed to national manufacturers is supported strongly by a sample of over 10,000 television com-mercials and 30,000 newspaper advertisements.

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