Trust Building In Credence Goods Markets

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Trust Building in Credence Goods Markets

Author : Yuk-Fai Fong
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Trust Building in Credence Goods Markets by : Yuk-Fai Fong

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.

Uncertainty and Reputation Effects in Credence Goods Markets

Author : Eric Schniter
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)

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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:

New Insights on Trust in Business-to-Business Relationships

Author : Houcine Akrout
Publisher : Emerald Group Publishing
ISBN 13 : 1838670645
Total Pages : 135 pages
Book Rating : 4.8/5 (386 download)

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Book Synopsis New Insights on Trust in Business-to-Business Relationships by : Houcine Akrout

Download or read book New Insights on Trust in Business-to-Business Relationships written by Houcine Akrout and published by Emerald Group Publishing. This book was released on 2019-08-15 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Insights on Trust in Business-to-Business Relationships provides readers with advanced original insights on trust antecedents, processes and consequences within the B2B marketing context and offers practical tools alongside suggestions for future research.

Trust as the Key to Loyalty in Business-to-Consumer Exchanges

Author : Tara Ebert
Publisher : Springer Science & Business Media
ISBN 13 : 3834983071
Total Pages : 213 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Trust as the Key to Loyalty in Business-to-Consumer Exchanges by : Tara Ebert

Download or read book Trust as the Key to Loyalty in Business-to-Consumer Exchanges written by Tara Ebert and published by Springer Science & Business Media. This book was released on 2010-09-23 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tara Ebert investigates what trust building measures in the banking industry should comprise. The author presents new and analytical insights which can be employed to deduce better targeted marketing implications for consumer trust building by banks.

Credence Goods Markets and the Informational Value of New Media

Author : Rudolf Kerschbamer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (116 download)

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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.

Credence Goods Markets with Fair and Opportunistic Experts

Author : Joachim Heinzel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)

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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:

Serving Consumers in an Uncertain World

Author : Loukas Balafoutas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Serving Consumers in an Uncertain World by : Loukas Balafoutas

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.

Trust Or Consequences

Author : Al Golin
Publisher : Amacom
ISBN 13 :
Total Pages : 346 pages
Book Rating : 4.:/5 (2 download)

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Book Synopsis Trust Or Consequences by : Al Golin

Download or read book Trust Or Consequences written by Al Golin and published by Amacom. This book was released on 2004 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book shows what makes such strategies work, and reveals the eye-opening results of a survey of over 700 business professionals. The recent rash of corporate scandals?and the ensuing financial ruin of companies and their stockholders -- proves that even the bluest of blue chip businesses cannot bank on the blind faith of consumers and investors. More than ever, corporations must rebuild, restore, and strengthen bonds of trust. Al Golin has helped create trust strategies for global business leaders including The Walt Disney Company, Hewlett-Packard, McDonald's, Toyota, Owens-Corning, and many others. In Trust or Consequences, he reveals how to: create an effective trust strategy determine the impact of trust issues on stakeholders assess trust-building performance and calculate the difficulty of restoring trust create a "trust bank" for saving deposits of good will to draw on as needed This invaluable resource offers tools for identifying trust opportunities, as well as numerous inside accounts of trust-building successes and failures by high-profile organizations and leaders. Filled with provocative ideas about why many companies overlook trust issues, Trust or Consequences brings the subject to center stage -- where it must remain if companies are to regain stakeholder loyalty and competitive advantage.

Trust of Potential Buyers in New Entrepreneurial Ventures

Author : Gunnar Wiedenfels
Publisher : Springer Science & Business Media
ISBN 13 : 3834994952
Total Pages : 345 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Trust of Potential Buyers in New Entrepreneurial Ventures by : Gunnar Wiedenfels

Download or read book Trust of Potential Buyers in New Entrepreneurial Ventures written by Gunnar Wiedenfels and published by Springer Science & Business Media. This book was released on 2009-07-25 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Acquiring the first customers is a make-or-break challenge for new ventures. In how far does the trust of a potential future customer in a new venture influence his decision to purchase? How can an entrepreneur convey trustworthiness in order to influence the decision? In his dissertation, Gunnar Wiedenfels responds to these questions with an empirical study testing a theory-based model of trust, its drivers, and its effect on purchase intentions.

Trust Under Pressure

Author : Katinka Bijlsma-Frankema
Publisher : Edward Elgar Publishing
ISBN 13 : 9781845427962
Total Pages : 310 pages
Book Rating : 4.4/5 (279 download)

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Book Synopsis Trust Under Pressure by : Katinka Bijlsma-Frankema

Download or read book Trust Under Pressure written by Katinka Bijlsma-Frankema and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the current thinking on trust largely based on studies in stable contexts, by presenting new empirical studies of trust and trust building in a number of less stable, less institutionalized settings. These contexts are gaining in prominence given the globalization and virtualization of organizational relations, development of high velocity markets, and the growing importance of intangible resources.

Global Networks and Local Values

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309073103
Total Pages : 261 pages
Book Rating : 4.3/5 (9 download)

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Book Synopsis Global Networks and Local Values by : National Research Council

Download or read book Global Networks and Local Values written by National Research Council and published by National Academies Press. This book was released on 2002-01-31 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether you call it the third wave, the information revolution, or the virtually connected world, the implications of a global information network are profound. As a society, we want to forestall the possible negative impacts without closing the door to the potential benefits. But how? Global Networks and Local Values provides perspective and direction, focusing on the relationship between global information networks and local values-that is, the political, economic, and cultural norms that shape our daily lives. This book is structured around an illuminating comparison between U.S. and German approaches toward global communication and information flow. (The United States and Germany are selected as two industrialized, highly networked countries with significant social differences.) Global Networks and Local Values captures the larger context of technology and culture, explores the political and commercial institutions where the global network functions, and highlights specific issues such as taxation, privacy, free speech, and more. The committee contrasts the technical uniformity that makes global communication possible with the diversity of the communities being served and explores the prospects that problems resulting from technology can be resolved by still more technology. This thoughtful volume will be of interest to everyone concerned about the social implications of the global Internet.

Global Fintech

Author : David L. Shrier
Publisher : MIT Press
ISBN 13 : 0262369524
Total Pages : 333 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Global Fintech by : David L. Shrier

Download or read book Global Fintech written by David L. Shrier and published by MIT Press. This book was released on 2022-03-08 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the global financial services sector has been transformed by artificial intelligence, data science, and blockchain. Artificial intelligence, big data, blockchain, and other new technologies have upended the global financial services sector, creating opportunities for entrepreneurs and corporate innovators. Venture capitalists have helped to fund this disruption, pouring nearly $500 billion into fintech over the last five years. This book offers global perspectives on technology-fueled transformations in financial services, with contributions from a wide-ranging group of academics, industry professionals, former government officials, and current government advisors. They examine not only the struggles of rich countries to bring the old analog world into the new digital one but also the opportunities for developing countries to “leapfrog” directly into digital. The book offers accessible explanations of blockchain and distributed ledger technology and explores big data analytics. It considers, among other things, open banking, platform-based strategies for banks, and digital financial services. Case studies imagine possible future fintech-government interaction, emphasizing that legal and regulatory frameworks can help to create trust in financial processes. The contributors offer novel takes and unexpected insights that will be of interest to fintech experts and nonexperts alike. Contributors Ajay Bhalla, Michelle Chivunga, John D’Agostino, Mark Flood, Amias Moore Gerety, Oliver R. Goodenough, Thomas Hardjono, Sharmila Kassam, Boris Khentov, Alexander Lipton, Lev Menand, Pinar Ozcan, Alex Pentland, Matthew Reed, David L. Shrier, Markos Zachariadis

On the Role of Verifiability and Commitment in Credence Goods Markets

Author : Ting Liu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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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.

Why should anyone buy from you?

Author : Justin Basini
Publisher : Pearson UK
ISBN 13 : 0273745530
Total Pages : 165 pages
Book Rating : 4.2/5 (737 download)

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Book Synopsis Why should anyone buy from you? by : Justin Basini

Download or read book Why should anyone buy from you? written by Justin Basini and published by Pearson UK. This book was released on 2012-10-12 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: HOW TO WIN TRUST AND INFLUENCE CUSTOMERS This revealing book shows how the only reliable route to sustainable business growth and profit is to build trust in your company. Justin Basini presents an array of surprising insights based on his in-depth research and on exclusive interviews with business leaders. He takes a practical approach that will help you assess the level of trust in your business – and help you improve it, offering achievable solutions as well as new frameworks, insights and approaches to marketing.

Diagnostic Uncertainty and Insurance Coverage in Credence Goods Markets

Author : Loukas Balafoutas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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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.

The State of Law

Author : Ulrich von Alemann
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110720353
Total Pages : 362 pages
Book Rating : 4.1/5 (17 download)

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Book Synopsis The State of Law by : Ulrich von Alemann

Download or read book The State of Law written by Ulrich von Alemann and published by Walter de Gruyter GmbH & Co KG. This book was released on 2017-09-30 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the result of the first interdisciplinary conference in Vietnam which took place on "the Rule of Law." Instead of beginning immediately with a highly specialized debate from the perspective of one single academic discipline, we started to discuss numerous facets of the subject arising from a multidisciplinary dialogue. For this reason, the contributions for this publication come from various scientific disciplines in Vietnam and Germany: political, historical, social, economic and legal sciences, but also members of Vietnamese governmental and non-governmental organizations. The aim of the volume is to open up a dialogue about the Rule of Law between two very different legal cultures, the German-European and the Vietnamese-Southeast Asian.

Credence Goods Markets with Conscientious and Selfish Experts

Author : Ting Liu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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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.