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Author : Asher Wolinsky
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (318 download)
Download or read book Competition in Markets for Credence Goods written by Asher Wolinsky and published by . This book was released on 1994 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Men-Andri Benz
Publisher : Springer Science & Business Media
ISBN 13 : 3835095803
Total Pages : 128 pages
Book Rating : 4.8/5 (35 download)
Download or read book Strategies in Markets for Experience and Credence Goods written by Men-Andri Benz and published by Springer Science & Business Media. This book was released on 2007-11-03 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: The quality and characteristics of industrial and consumption goods are often not revealed until after consumption. However, the decision to buy these products must be made before buying. Many strategies and instruments for signalling and screening have been developed in the economic world in order to overcome potential market failure due to insufficient quality detection. In many situations, efficient incentives and quality revelation are given to the market players by contracts that structure the process and payments of the transaction.
Author : Wanda Mimra
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (13 download)
Download or read book Price Competition and Reputation in Credence Goods Markets written by Wanda Mimra and published by . This book was released on 2016 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: In credence goods markets, experts have better information about the appropriate quality of treatment than their customers. Because experts provide both the diagnosis and the treatment, there is opportunity for fraud. We experimentally investigate how the intensity of price competition and the level of customer information about past expert behavior infl uence experts' incentives to defraud their customers when experts can build up reputation. We show that the level of fraud is significantly higher under price competition than when prices are fi xed, as the price decline under a competitive-price regime inhibits quality competition. More customer information does not necessarily reduce the level of fraud.
Author : W. Mimra
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (84 download)
Download or read book Price Competition and Reputation in Credence Goods Markets written by W. Mimra and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alexander Rasch
Publisher :
ISBN 13 : 9783863041793
Total Pages : 46 pages
Book Rating : 4.0/5 (417 download)
Download or read book What Drives Fraud in a Credence Goods Market? Evidence From a Field Study written by Alexander Rasch and published by . This book was released on 2015 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fridolin Eugen Marty
Publisher :
ISBN 13 : 9783898251976
Total Pages : 117 pages
Book Rating : 4.2/5 (519 download)
Download or read book Credence Goods in Regulated Markets written by Fridolin Eugen Marty and published by . This book was released on 2000 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Uwe Dulleck
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (319 download)
Download or read book The economics of credence goods : on the role of liability, verifiability, reputation and competition written by Uwe Dulleck and published by . This book was released on 2009 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yuk-Fai Fong
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (13 download)
Download or read book Trust Building in Credence Goods Markets written by Yuk-Fai Fong and published by . This book was released on 2018 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study trust building in credence goods markets in a dynamic setting. An extreme lemon problem arises in the one-shot game and results in no trade. In the repeated game, an expert's honesty is monitored through consumers' rejection of his recommendations. We characterize the optimal equilibrium for any discount factor. The expert's profit in the optimal equilibrium weakly increases in the discount factor but cannot achieve the first best because the optimal equilibrium either involves insufficient treatment for the serious problem or excessive treatment for the minor problem. The monitoring technology and the equilibrium outcome contrast sharply with their counterparts for experience goods markets. Competition enhances efficiency by allowing consumers to search for second opinions after rejecting the first treatment recommendation, but the efficiency gain comes at the cost of less honesty.
Author : Ting Liu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Credence Goods Markets with Conscientious and Selfish Experts written by Ting Liu and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a credence good market, sellers know more about buyers necessity of the good. Because of this information asymmetry, a selfish seller may exaggerate buyers necessity of the good. This article investigates how the presence of conscientious experts affects selfish experts behavior. In a monopoly setting, it shows that the presence of a conscientious expert may result in more fraudulent behavior by the selfish expert. This result holds in a competitive setting.
Author : Loukas Balafoutas
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (117 download)
Download or read book Credence Goods in the Literature written by Loukas Balafoutas and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the literature on credence goods since Dulleck and Kerschbamer (Journal of Economic Literature 44(1), 5-42, 2006). We consider various markets for credence goods and briefly discuss evidence on the extent of fraud. We then review theoretical and empirical contributions on the determinants of seller and consumer behavior in markets for credence goods. The topics include informational asymmetries, pro-social motivations and seller characteristics, as well as several features of the market structure and institutional environment (separation of diagnosis and treatment, liability, verifiability, reputational concerns, competition between experts and second opinions). We also describe recent developments in this area of research (such as the role of investing in more precise diagnostic technologies) and offer an outlook on future questions.
Author : Ting Liu
Publisher :
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.:/5 (474 download)
Download or read book New Product Launch, Learning, and Credence Goods written by Ting Liu and published by . This book was released on 2008 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: My dissertation comprises three chapters on industrial organization and health economics. The first Chapter studies a monopolist's product launch strategy. The second Chapter studies credence goods markets. The third chapter analyzes informal payments in public health sectors of developing countries. In the first Chapter, joint with Pasquale Schiraldi, we study how a monopolist should launch a new product to distinct markets when the uncertainty of the product's quality is resolved over time. We examine how the monopolist may influence consumer learning by manipulating the launch sequence when the monopolist and consumers can learn about the quality of the product from previous sales. Depending on the price of the product and the general reputation of the product, the monopolist may prefer a sequential launch to a simultaneous launch. We derive the optimal number of markets in which the monopolist will launch the product in each period. The monopolist's dynamic equilibrium strategy endogenizes informational herding. In the second Chapter, I study credence goods markets when an expert is either selfish or conscientious. A selfish expert is a profit maximizer. A conscientious expert wants to maximize profit and repair the consumer's problem. In a monopoly model, there are only uniform-price equilibria and nonuniform-price equilibria. I study whether a consumer can infer the expert's type from his equilibrium price list and analyze the efficiency of an equilibrium. Finally, I check the robustness of each class of equilibria for a competitive setting. In the third Chapter, joint with Monic Jiayin Sun, we study informal payments in public health sectors of many developing countries. Such payments are made by patients to providers for services which are supposed to be supplied by public health care sectors. Informal payments are made because the allocation mechanism in the public sector fails to take into account provider or patient circumstance. We compare welfare implications of different policies that regulate informal payments. Patient and provider heterogeneity play a central role in the comparison.
Author : Dominik Erharter
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (81 download)
Download or read book Credence goods markets, distributional preferences and the role of institutions written by Dominik Erharter and published by . This book was released on 2012 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Loukas Balafoutas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Diagnostic Uncertainty and Insurance Coverage in Credence Goods Markets written by Loukas Balafoutas and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credence goods markets - like for health care or repair services - with their informational asymmetries between sellers and customers are prone to fraudulent behavior of sellers and resulting market inefficiencies. We present the first model that considers both diagnostic uncertainty of sellers and the effects of insurance coverage of consumers in a unified framework. We test the model's predictions in a laboratory experiment. Both in theory and in the experiment diagnostic uncertainty decreases the rate of efficient service provision and leads to less trade. In theory, insurance also decreases the rate of efficient service provision, but at the same time it also increases the volume of trade, leading to an ambiguous net effect on welfare. In the experiment, the net effect of insurance coverage on efficiency turns out to be positive. We also uncover an important interaction effect: if consumers are insured, experts invest less in diagnostic precision. We discuss policy implications of our results.
Author : Joachim Heinzel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book Credence Goods Markets with Fair and Opportunistic Experts written by Joachim Heinzel and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christian Waibel
Publisher :
ISBN 13 :
Total Pages : 131 pages
Book Rating : 4.:/5 (865 download)
Download or read book Three Essays on Credence Goods written by Christian Waibel and published by . This book was released on 2013 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Winand Emons
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Credence Goods and Fraudulent Experts written by Winand Emons and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article is about a market for credence goods. With a credence good, consumers are never sure about the extent of the good they actually need. Therefore, sellers act as experts determining the customers' requirements. This information asymmetry between buyers and sellers obviously creates strong incentives for sellers to cheat on services. I analyze whether the market mechanism may induce nonfraudulent seller behavior. From the observation of market data such as prices, market shares, etc., consumers can infer the sellers' incentives. I show that market equilibria resulting in nonfraudulent behavior do indeed exist.
Author : Richard B. McKenzie
Publisher : University of Michigan Press
ISBN 13 : 0472901141
Total Pages : 554 pages
Book Rating : 4.4/5 (729 download)
Download or read book In Defense of Monopoly written by Richard B. McKenzie and published by University of Michigan Press. This book was released on 2019-02-28 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Defense of Monopoly offers an unconventional but empirically grounded argument in favor of market monopolies. Authors McKenzie and Lee claim that conventional, static models exaggerate the harm done by real-world monopolies, and they show why some degree of monopoly presence is necessary to maximize the improvement of human welfare over time. Inspired by Joseph Schumpeter's suggestion that market imperfections can drive an economy's long-term progress, In Defense of Monopoly defies conventional assumptions to show readers why an economic system's failure to efficiently allocate its resources is actually a necessary precondition for maximizing the system's long-term performance: the perfectly fluid, competitive economy idealized by most economists is decidedly inferior to one characterized by market entry and exit restrictions or costs. An economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return.
