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Author : Keith Richard Brouhle
Publisher :
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.:/5 (254 download)
Download or read book Information and Markets for Credence Goods written by Keith Richard Brouhle and published by . This book was released on 2004 with total page 264 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 : Peter-J. Jost
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book The Information Paradox in a Monopolist's Credence Goods Market written by Peter-J. Jost and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Credence goods markets, such as those for car repairs and medical treatments, are generally characterized by an ex-ante and ex-post information asymmetry between the uninformed buyer and the informed seller. Previous literature demonstrates that efficiency and fraud in a monopolist credence goods market are crucially determined by two key assumptions concerning the verifiability of the quality provided and the expert's liability. In this paper, we identify the information distribution among customers as a third important determinant. Contrary to basic intuition, we find that improving the level of customers' information might actually lead to welfare losses. Further, we highlight the supremacy of the assumption regarding the expert's liability for determining whether informed customers have real effects on market outcomes. On the other hand and in contrast to traditional models, the verifiability of the quality provided is only of secondary importance.
Author : Rudolf Kerschbamer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (116 download)
Download or read book Credence Goods Markets and the Informational Value of New Media written by Rudolf Kerschbamer and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Credence goods markets are characterized by pronounced informational asymmetries between consumers and expert sellers. As a consequence, consumers are often exploited and market efficiency is threatened. However, in the digital age, it has become easy and cheap for consumers to self-diagnose their needs using specialized webpages or to access other consumers’ reviews on social media platforms in search for trustworthy sellers. We present a natural field experiment that examines the causal effect of information acquisition from new media on the level of sellers’ price charges for computer repairs. We find that even a correct self-diagnosis of a consumer about the appropriate repair does not reduce prices, and that an incorrect diagnosis more than doubles them. Internet ratings of repair shops are a good predictor of prices. However, the predictive valued of reviews depends on whether they are judged as reliable or not. For reviews recommended by the platform Yelp we find that good ratings are associated with lower prices and bad ratings with higher prices, while non-recommended reviews have a clearly misleading effect, because non-recommended positive ratings increase the price.
Author : Serhiy Kandul
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book Reciprocity and Gift Exchange in Markets for Credence Goods written by Serhiy Kandul and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the role of reciprocity in markets for credence goods where expert-sellers have more information about the severity of a problem faced by a consumer. We employ a standard experimental credence goods market to introduce the possibility for consumers to gift expert-sellers before they choose the quality of the service and charge a price, where the gift is either transferred unconditionally or conditionally on solving the problem. Our results show that both types of gift reduce the likelihood of undertreatment, whereas an unconditional gift also decreases overcharging and increases undercharging. However, while gifting tends to benefit consumers facing a severe problem, it is not sufficient to reduce market inefficiencies associated with asymmetric information.
Author : Philippe Mahenc
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (123 download)
Download or read book Price Signaling and Quality Monitoring in Markets for Credence Goods written by Philippe Mahenc and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Loukas Balafoutas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Serving Consumers in an Uncertain World 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: Credence goods markets are prone to fraudulent behavior and market inefficiencies due to informational asymmetries between sellers and customers. We examine experimentally the effects of diagnostic uncertainty and insurance coverage on the information acquisition and provision decisions by sellers and the trading decisions by consumers. Our results reveal that diagnostic uncertainty is a major source of inefficiency by decreasing efficient service provision. Insurance coverage has a positive net effect on market efficiency, despite making information acquisition and efficient service provision less likely. We also examine the role of -s and of sellers' prosociality in shaping service provision and information acquisition.
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 : 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 : 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 : Mark V. Pauly
Publisher : Elsevier
ISBN 13 : 0444535926
Total Pages : 1149 pages
Book Rating : 4.4/5 (445 download)
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].
Author : Alexander Rasch
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (841 download)
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 Insurance in a Market for Credence Goods written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Timothy J. Feddersen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Saints and Markets written by Timothy J. Feddersen and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Activists and the Supply of Credence Goods. This paper contains a theoretical exploration of the potential effects of an information-supplying activist on a market for credence goods. Using a non-cooperative game-theoretic model with incomplete information, we find that such an activist can alter the decisions of firms and consumers and enhance the social welfare of market exchange. We also find that an activist can support equilibria in which firms differentiate their products on some credence characteristic even though this characteristic remains unknown to the consumer both prior and subsequent to consumption. In general, our analysis has several implications for the study of private collective action in markets.
Author : Eric Schniter
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)
Download or read book Uncertainty and Reputation Effects in Credence Goods Markets written by Eric Schniter and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Katharina Momsen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Credence Goods written by Katharina Momsen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We report the results of an experiment to investigate the influence of different settings in credence good markets on opportunism in sellers' decisions. As predicted by our model based on behavioral information economics, we find that the choice of design features might be less innocuous than generally presumed: sellers' decisions made under a direct sales regime are significantly more opportunistic than purchase recommendations. Furthermore, average choices are more opportunistic when a costless diagnosis is required to assess the buyer's needs -- sellers exploit moral wiggle room by avoiding information. Yet, this effect is only present for purchase recommendations, not direct sales. Both effects significantly affect market efficiency. While some of the observed effects tie into the literature on lying aversion, we find that a large part of our results is not consistent with additively separable costs of lying.
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:
