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Price Competition And Reputation In Credence Goods Markets
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Book Synopsis Price Competition and Reputation in Credence Goods Markets by : Wanda Mimra
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.
Book Synopsis Price Competition and Reputation in Credence Goods Markets by : W. Mimra
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:
Book Synopsis Price Competition and Reputation in Markets for Experience Goods by : Steffen Huck
Download or read book Price Competition and Reputation in Markets for Experience Goods written by Steffen Huck and published by . This book was released on 2013 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Uncertainty and Reputation Effects in Credence Goods Markets by : Eric Schniter
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:
Book Synopsis Competition in Markets for Credence Goods by : Asher Wolinsky
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:
Book Synopsis Credence Goods Markets and the Informational Value of New Media by : Rudolf Kerschbamer
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.
Book Synopsis Handbook of Game Theory and Industrial Organization, Volume II by : Luis C. Corchón
Download or read book Handbook of Game Theory and Industrial Organization, Volume II written by Luis C. Corchón and published by Edward Elgar Publishing. This book was released on 2018-02-23 with total page 547 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second volume of the Handbook includes original contribution by experts in the field. It provides up-to-date surveys of the most relevant applications of game theory to industrial organization. The book covers both classical as well as new IO topics such as mergers in markets with homogeneous and differentiated goods, leniency and coordinated effects in cartels and mergers, static and dynamic contests, consumer search and product safety, strategic delegation, platforms and network effects, auctions, environmental and resource economics, intellectual property, healthcare, corruption, experimental industrial organization and empirical models of R&D.
Book Synopsis Improving trust and reciprocity in agricultural input markets: A lab-in-the-field experiment in Bangladesh by : de Brauw, Alan
Download or read book Improving trust and reciprocity in agricultural input markets: A lab-in-the-field experiment in Bangladesh written by de Brauw, Alan and published by Intl Food Policy Res Inst. This book was released on 2022-06-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adoption of high-quality yet more expensive agricultural inputs remains low, in part because most inputs are experience goods: before purchase, buyers observe only price—not quality—providing sellers with opportunities to cheat on quality. Our lab-in-the-field experiment in Bangladesh replicates markets for such inputs, with input retailers (sellers) choosing price and quality, and farmers (buyers) choosing from which seller to purchase inputs. We analyze market behavior, including buyers’ trust and sellers’ reciprocity, and study the effects of buyer-driven accreditation and loyalty rewards for accredited sellers of high-quality products. Trust and reciprocity remain low: Sellers provide mostly low-quality products, and buyers reveal low demand for more expensive, high-quality inputs. Accrediting sellers when their buyers are satisfied leads to higher input quality and more repeat purchases, but only when combined with loyalty rewards, because buyers’ quality signals are weak and do not incentivize sellers to change their behavior. We conclude that small incentives are effective at improving seller behavior, but this behavior change does not necessarily enhance quality signals and farmer welfare.
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 Framework for Market-based Hospital Pricing Decisions by : Shahram Heshmat
Download or read book Framework for Market-based Hospital Pricing Decisions written by Shahram Heshmat and published by CRC Press. This book was released on 1993 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price Signaling and Quality Monitoring in Markets for Credence Goods by : Philippe Mahenc
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:
Book Synopsis Credence Goods Markets with Fair and Opportunistic Experts by : Joachim Heinzel
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:
Download or read book Roadside MBA written by Michael Mazzeo and published by Business Plus. This book was released on 2014-06-10 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this "refreshingly different" high-toned business book, three leading business school professors take to America's back roads in search of offbeat small businesses—enterprises that hold valuable lessons for executives and entrepreneurs everywhere (Bloomberg Businessweek). While playing hooky from a conference in Boston a few years back, three former colleagues from Northwestern's Kellogg School of Management hopped in a car and embarked on a life-changing road trip. They pulled into a shoe store in Maine and noticed that the sales help was unusually pushy. After a few questions, they discovered the store had a "secret shopper" program, in which employees would be marked down if they were not sufficiently aggressive with customers. A lightbulb went off. Instead of teaching the tried-and-true case studies involving GE and Microsoft, these three men decided to pull their heads out of their ivory towers and search for insights about product differentiation, pricing, brand management, building a team, and a host of other topics. Why take your cues on employee compensation from Wall Street when you can learn from a Main Street company like Couer D'Alene's best crime-scene cleaner? Want to learn about scaling a business? Come meet Dr. Burris, the flying orthodontist, who operates multiple, profitable practices in rural Arkansas. Spiced with vehicular mishaps and unexpected finds, this is one business book you won't want to miss.
Book Synopsis Information and Markets for Credence Goods by : Keith Richard Brouhle
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:
Book Synopsis Strategic Management by : Paul W. Dobson
Download or read book Strategic Management written by Paul W. Dobson and published by John Wiley & Sons. This book was released on 2009-02-04 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This highly popular introduction to strategic management has nowbeen revised to take account of the latest developments in thefield. New edition of a highly popular introduction to strategicmanagement. Provides a clear framework for understanding the issues incorporate strategy, supported by current case examples. Revised to take account of the latest development in thefield. Now features twelve new cases. Includes new chapters on issues relating to the resource-basedview of the firm, innovation, learning, and the ‘neweconomy’. Includes a new concluding chapter looking at present and futureissues in strategic management. Continues to combine the latest management concepts with andemphasis on current business applications and implementation.
Book Synopsis International Economic Integration: General issues by : Miroslav Jovanovic
Download or read book International Economic Integration: General issues written by Miroslav Jovanovic and published by Taylor & Francis. This book was released on 1998 with total page 816 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reciprocity and Gift Exchange in Markets for Credence Goods by : Serhiy Kandul
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.
