Skjønsmarked

Skjønsmarked is a Norwegian term that translates to "discretionary market" or "judgment market." It refers to a market where the price or value of a good or service is not determined by strict supply and demand principles alone, but also significantly by subjective judgment, expertise, or negotiation. This often occurs in situations where objective valuation is difficult, or where unique qualities and personal preferences play a crucial role.

Examples of skjønsmarked can be found in various sectors. The art market is a prime example, where the value of a painting or sculpture is heavily influenced by art critics, collectors' opinions, and the perceived historical or cultural significance, rather than purely material cost. Similarly, the market for unique collectibles, such as rare stamps or vintage cars, operates on a discretionary basis, with prices fluctuating based on rarity, condition, and the passion of buyers. High-end consulting services also fall into this category, where the expertise and reputation of the consultant are key determinants of price.

In a skjønsmarked, information asymmetry can be significant, with sellers or service providers often possessing more knowledge than buyers. Trust, reputation, and the ability to effectively communicate value become paramount. The outcome of transactions can vary widely, reflecting the subjective nature of the factors involved. This contrasts with more transparent markets where prices are largely dictated by quantifiable supply and demand.