Credence Goods

Economists use the SEC (Search, Experience, Credence) framework to describe how we evaluate products.

Credence goods are hard to evaluate even after you've bought and used them. Even experts may not agree on quality.

Examples: Medical procedures, legal advice, security of software.

Quality signals: Detailed expert analysis.

Software security is a credence attribute today. Secure by design aims to move it to an experience good, then a search good: first knowable through use, eventually checkable before purchase.

Discussion prompts

• How do you verify a manufacturer's security claims when you can't test them directly?
• What third-party signals do you rely on to assess the security of software you can't evaluate yourself?
• What would it take to make software security a search good rather than a credence good?