This paper reports evidence that an individual meeting with a study counselor at high school significantly improves the quality of choice of tertiary educational field, as self-assessed 18 months after graduation from college. The results are strongest among males and those with low educated...

We investigate information aggregation and competition in a delegationframework. An uninformed principal is unable to perform a task herself andmust choose between one of two biased and imperfectly informed experts. Inthe focal equilibrium, experts exaggerate their biases, anticipating...

Expert performance is often evaluated in a one dimensional way by assuming that good experts have good outcomes. We examine the example of expertise in medicine and develop a model that allows for two dimensions of physician performance: Procedural decision making and skill performing...

Lawyers keep the gates of public justice institutions, particularly through their roles in formal procedures like hearings and trials. Yet, it is not clear what lawyers do in such quintessentially legal settings: conclusions from past research are bedeviled by a lack of clear theory and...

The aim of the present article is to analyze the training needs as a difference between the current and desired state of knowledge, skills and qualifications of business advisors to provide the necessary consulting services to social intermediaries and social enterprises. Professional profiles...

Moral hazard in expert diagnoses is more complicated in credence goods markets because ex-post verification of service optimality is usually not possible. We provide an experimental framework to investigate expert and consumer behavior as well as market efficiency in a setting in which experts...

We analyze the optimal sorting of experts, who differ in their ability to acquire information, into production teams. Once a team is formed, experts individually acquire information about the joint project, communicate it to each other, and then engage in team production. Misalignment of...

Using hand-collected biographical information on financial analysts from 1983 to 2011, we find that analysts making forecasts on firms in industries related to their pre-analyst experience have better forecast accuracy, evoke stronger market reactions to earning revisions, and are more likely to...