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Credence Goods And Fraudulent Experts
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Book Synopsis Credence Goods and Fraudulent Experts by : Winand Emons
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.
Book Synopsis Three Essays on Credence Goods by : Christian Waibel
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:
Book Synopsis Three Essays on Credence Goods by : Christian Waibel
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 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credence Goods Markets with Conscientious and Selfish Experts by : Ting Liu
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.
Book Synopsis On Doctors, Mechanics and Computer Specialists Or Where are the Problems with Credence Goods by : Uwe Dulleck
Download or read book On Doctors, Mechanics and Computer Specialists Or Where are the Problems with Credence Goods written by Uwe Dulleck and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: With credence goods consumers cannot judge the quality they receive compared to the quality they need. The needed quality can only be observed by an expert seller who may exploit the information asymmetry by cheating. In recent years various contributions have analyzed the credence goods problem under a wide variety of assumptions yielding equilibria exhibiting various degrees of inefficiencies and fraud. The variety of results has fostered the impression that the equilibrium behavior of experts and consumers in the credence goods market sensitively depends on the details of the models. More disturbingly, apparently similar models often lead to contradicting results. The present paper shows that the results for the majority of the specific models can be reproduced in a very simple unifying framework. Our model is constructed so that an efficient solution is reached if a small number of critical assumptions is satisfied, and virtually all existing results on inefficiencies in the credence good market are obtained by relaxing one of these conditions. Thus, our simple unifying model not only permits a clearer discrimination between situations in which market institutions solve the fraudulent expert problem without any cost and those where they do not; it also helps to identify the forces driving the various inefficiency results in the literature. Existing results are generalized, some previous interpretations of the forces leading to the striking differences in outcomes are questioned, and a new source for inefficiencies is identified.
Book Synopsis On the Role of Verifiability and Commitment in Credence Goods Markets by : Ting Liu
Download or read book On the Role of Verifiability and Commitment in Credence Goods Markets written by Ting Liu and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A client has a problem, but does not know whether it is serious or minor. She consults an expert who can correctly diagnose and fix her problem. This paper characterizes the equilibrium pricing and recommendation strategies of an expert under the assumptions that i) the type of treatment is verifiable by the client, ii) the client has the option of rejecting any treatment recommendation, and iii) the expert is not liable for the outcome of the treatment. It is found, for any parameter configuration, that there exist equilibria in which the expert makes fraudulent recommendations resulting in inefficient treatment. The market outcome is compared with that under an alternative market environment in which the expert is liable for treatment outcome but the type of treatment performed is non-verifiable. It is shown that for some parameter configurations the equilibrium is more efficient when liability is in place than when the treatment is verifiable. These findings stand in sharp contrast to the received wisdom that the market outcome under verifiability of treatment is efficient while the market outcome under liability for outcome is not. Finally, this paper shows that the existence of some honest experts may induce more fraudulent behavior by opportunistic experts.
Book Synopsis Diagnostic Uncertainty and Insurance Coverage in Credence Goods Markets by : Loukas Balafoutas
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 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In markets for credence goods - such as health care or repair services - fraudulent behavior by better informed experts is a common problem. Our model studies how four common features shape experts' provision behavior in credence goods markets: (i) diagnostic uncertainty of experts; (ii) insurance coverage of consumers; (iii) malpractice payments for treatment failure; and (vi) consumer-regarding preferences of experts. Diagnostic imprecision unambiguously leads to less efficient provision. Insurance coverage and malpractice payments have an ambiguous effect on efficient provision. The impact of consumer-regarding preferences on efficiency is positive without insurance but ambiguous in the presence of insurance.
Book Synopsis What Drives Fraud in a Credence Goods Market? by : Alexander Rasch
Download or read book What Drives Fraud in a Credence Goods Market? written by Alexander Rasch and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Expert Failure written by Roger Koppl and published by Cambridge University Press. This book was released on 2018-02-08 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: The humble idea that experts are ordinary human beings leads to surprising conclusions about how to get the best possible expert advice. All too often, experts have monopoly power because of licensing restrictions or because they are government bureaucrats protected from both competition and the consequences of their decisions. This book argues that, in the market for expert opinion, we need real competition in which rival experts may have different opinions and new experts are free to enter. But the idea of breaking up expert monopolies has far-reaching implications for public administration, forensic science, research science, economics, America's military-industrial complex, and all domains of expert knowledge. Roger Koppl develops a theory of experts and expert failure, and uses a wide range of examples - from forensic science to fashion - to explain the applications of his theory, including state regulation of economic activity.
Book Synopsis On Doctors, Mechanics and Computer Specialists - the Economics of Credence Goods by : Uwe Dulleck
Download or read book On Doctors, Mechanics and Computer Specialists - the Economics of Credence Goods written by Uwe Dulleck and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most of us need the services of an expert when our apartment's heating or our washing machine breaks down, or when our car starts to make strange noises. And for most of us commissioning an expert to solve the problem causes concern. This concern does not disappear even after repair and payment of the bill. On the contrary, one worries about paying for a service that was not provided, or receiving some unnecessary treatment. This article studies the economics underlying these worries. Under which conditions do experts have an incentive to exploit the informational problems associated with markets for diagnosis and treatment? What types of fraud exist? What are the methods and institutions for dealing with these informational problems? Under which conditions does the market provide incentives to deter fraudulent behavior? And what happens if all or some of those conditions are violated?
Book Synopsis Strengthening Forensic Science in the United States by : National Research Council
Download or read book Strengthening Forensic Science in the United States written by National Research Council and published by National Academies Press. This book was released on 2009-07-29 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scores of talented and dedicated people serve the forensic science community, performing vitally important work. However, they are often constrained by lack of adequate resources, sound policies, and national support. It is clear that change and advancements, both systematic and scientific, are needed in a number of forensic science disciplines to ensure the reliability of work, establish enforceable standards, and promote best practices with consistent application. Strengthening Forensic Science in the United States: A Path Forward provides a detailed plan for addressing these needs and suggests the creation of a new government entity, the National Institute of Forensic Science, to establish and enforce standards within the forensic science community. The benefits of improving and regulating the forensic science disciplines are clear: assisting law enforcement officials, enhancing homeland security, and reducing the risk of wrongful conviction and exoneration. Strengthening Forensic Science in the United States gives a full account of what is needed to advance the forensic science disciplines, including upgrading of systems and organizational structures, better training, widespread adoption of uniform and enforceable best practices, and mandatory certification and accreditation programs. While this book provides an essential call-to-action for congress and policy makers, it also serves as a vital tool for law enforcement agencies, criminal prosecutors and attorneys, and forensic science educators.
Book Synopsis The Role of Diagnostic Ability in Markets for Expert Services by : Fang Liu
Download or read book The Role of Diagnostic Ability in Markets for Expert Services written by Fang Liu and published by . This book was released on 2020 with total page 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. Experts may exploit their informational advantage by defrauding customers. Market institutions have been shown theoretically to be effective in mitigating fraudulent expert behavior. We analyze whether this positive result carries over to when experts are heterogeneous in their diagnostic abilities. We find that efficient market outcomes are always possible. However, inefficient equilibria can also exist. When such inefficient equilibria are played, a larger share of high-ability experts can lead to more inefficiencies relative to the efficient equilibria.
Book Synopsis Junk Science and the American Criminal Justice System by : M. Chris Fabricant
Download or read book Junk Science and the American Criminal Justice System written by M. Chris Fabricant and published by Akashic Books. This book was released on 2023-08-22 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in an expanded paperback edition, Innocence Project attorney M. Chris Fabricant presents an insider’s journey into the heart of a broken, racist system of justice and the role junk science plays in maintaining the status quo. "Fierce and absorbing . . . Fabricant chronicles the battles he and his colleagues have fought to unravel a century of fraudulent experts and the bad court decisions that allowed them to thrive." —Washington Post From CSI to Forensic Files to the celebrated reputation of the FBI crime lab, forensic scientists have long been mythologized in American popular culture as infallible crime solvers. Juries put their faith in "expert witnesses" and innocent people have been executed as a result. Innocent people are still on death row today, condemned by junk science. In 2012, the Innocence Project began searching for prisoners convicted by junk science, and three men, each convicted of capital murder, became M. Chris Fabricant's clients. Junk Science and the American Criminal Justice System chronicles the fights to overturn their wrongful convictions and to end the use of the "science" that destroyed their lives. Weaving together courtroom battles from Mississippi to Texas to New York City and beyond, Fabricant takes the reader on a journey into the heart of a broken, racist system of justice and the role forensic science plays in maintaining the status quo. At turns gripping, enraging, illuminating, and moving, Junk Science is a meticulously researched insider's perspective of the American criminal justice system. Previously untold stories of wrongful executions, corrupt prosecutors, and quackery masquerading as science animate Fabricant’s true crime narrative. The paperback edition features a brand-new index as well as an updated introduction and final chapter chronicling the Innocence Project’s continued fight against junk science in courtrooms across America.
Book Synopsis Handbook of Health Economics by : Mark V. Pauly
Download or read book Handbook of Health Economics written by Mark V. Pauly and published by Elsevier. This book was released on 2012-01-05 with total page 1149 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As a relatively new subdiscipline of economics, health economics has made many contributions to areas of the main discipline, such as insurance economics. This volume provides a survey of the burgeoning literature on the subject of health economics." {source : site de l'éditeur].
Book Synopsis Incentives and Economic Behaviour by : Rolf Hasse
Download or read book Incentives and Economic Behaviour written by Rolf Hasse and published by Walter de Gruyter GmbH & Co KG. This book was released on 2016-09-12 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: DIE REIHE: SCHRIFTENREIHE ZU ORDNUNGSFRAGEN DER WIRTSCHAFT herausgegeben von Thomas Apolte, Martin Leschke, Albrecht F. Michler, Christian Müller, Rahel M. Schomaker und Dirk Wentzel Die Reihe diskutiert aktuelle ordnungspolitische und institutionenökonomische Fragestellungen. Durch die methodische Vielfalt richtet sie sich an Fachleute, an die Öffentlichkeit und an die Politikberatung.
Download or read book Dumbing Down written by Magnus Henrekson and published by Springer Nature. This book was released on 2022-02-20 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book examines the challenges and issues caused by a move to a marketized education system in Sweden. Observing the introduction of the school voucher system and a postmodern social constructivist view of knowledge, the move away from objective knowledge is identified as the core reason for Sweden’s current education crisis. The impact of declining education standards on the labor market is also discussed. This book highlights the issues seen in Sweden and suggests policies that can improve education in the rest of the Western world as well. It will be relevant to students and researchers interested in education and labor economics.
Book Synopsis The Cult of Smart by : Fredrik deBoer
Download or read book The Cult of Smart written by Fredrik deBoer and published by All Points Books. This book was released on 2020-08-04 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Named one of Vulture’s Top 10 Best Books of 2020! Leftist firebrand Fredrik deBoer exposes the lie at the heart of our educational system and demands top-to-bottom reform. Everyone agrees that education is the key to creating a more just and equal world, and that our schools are broken and failing. Proposed reforms variously target incompetent teachers, corrupt union practices, or outdated curricula, but no one acknowledges a scientifically-proven fact that we all understand intuitively: Academic potential varies between individuals, and cannot be dramatically improved. In The Cult of Smart, educator and outspoken leftist Fredrik deBoer exposes this omission as the central flaw of our entire society, which has created and perpetuated an unjust class structure based on intellectual ability. Since cognitive talent varies from person to person, our education system can never create equal opportunity for all. Instead, it teaches our children that hierarchy and competition are natural, and that human value should be based on intelligence. These ideas are counter to everything that the left believes, but until they acknowledge the existence of individual cognitive differences, progressives remain complicit in keeping the status quo in place. This passionate, voice-driven manifesto demands that we embrace a new goal for education: equality of outcomes. We must create a world that has a place for everyone, not just the academically talented. But we’ll never achieve this dream until the Cult of Smart is destroyed.
