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Credence Goods Markets and the Informational Value of New Media : A Natural Field Experiment

Kerschbamer, Rudolf - 2019

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...

Persistent link: https://www.econbiz.de/10012859603

Do People Value More Informative New?

Chopra, Felix - 2020

We examine whether the desire for more information is people's dominant motive for reading economic and political news. Drawing on representative samples of the U.S. population with more than 15,000 respondents in total, we measure and experimentally vary people's beliefs about the...

Persistent link: https://www.econbiz.de/10012843435

Who should pay for certification?

Stahl, Konrad O.; Strausz, Roland - 2011

Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer …-induced certification acts as an inspection device, seller-induced certification as a signalling device. Seller-induced certification … maximizes the certifier's profit and social welfare. This suggests the general principle that certification is, and should be …

Persistent link: https://www.econbiz.de/10010274805

Designing benefit rules for flexible retirement with or without redistribution

Simonovits, András - 2004

The traditional approach to flexible retirement (e.g. NDC) neglects the impact of asymmetric information on actuarial fairness (neutrality). The mechanism design approach (e.g. Diamond, 2003) gives up the requirement of neutrality and looks for a redistributive second-best benefit-retirement-age...

Persistent link: https://www.econbiz.de/10010261115

Vertical product differentiation when quality is unobservable to buyers

Orosel, Gerhard O.; Zauner, Klaus G. - 2004

We analyze vertical product differentiation in a model where a good's quality is unobservable to buyers before purchase, a continuum of quality levels is technologically feasible, and minimum quality is supplied under competitive conditions. After purchase the true quality of the good is...

Persistent link: https://www.econbiz.de/10010261256

Interregional redistribution and budget institutions under asymmetric information

Huber, Bernd; Runkel, Marco - 2005

Empirical evidence from the U.S. and the European Union suggests that regions which contribute to interregional redistribution face weaker borrowing constraints than regions which benefit from interregional redistribution. This paper presents an argument in favor of such differentiated budgetary...

Persistent link: https://www.econbiz.de/10010261294

Sharing budgetary austerity under free mobility and asymmetric information : an optimal regulation approach to fiscal federalism

Breuille, Marie-Laure; Gary-Bobo, Robert J. - 2005

In the present article, Tiebout meets Laffont and Tirole in the land of Fiscal Federalism. We use a non-trivial Principal-Multi-Agent model to characterize the optimal intergovernmental grant schedule, when the cost of local public goods depends on hidden characteristics and actions of local...

Persistent link: https://www.econbiz.de/10010261345

Optimal policy towards families with different amounts of social capital, in the presence of asymmetric information and stochastic fertility

Cigno, Alessandro; Luporini, Annalisa - 2006

We examine the effects of differences in social capital on first and second best transfers to families with children, in an asymmetric information context where the number of births, and the future earning capacity of each child that is born, are random variables. The probability that a couple...

Persistent link: https://www.econbiz.de/10010261415

A model of income insurance and social norms

Lindbeck, Assar; Persson, Mats - 2006

A large literature on ex ante moral hazard in income insurance emphasizes that the individual can affect the probability of an income loss by choice of lifestyle and hence, the degree of risk-taking. The much smaller literature on moral hazard ex post mainly analyzes how a ?moral hazard...

Persistent link: https://www.econbiz.de/10010261422

Uncertain bequest needs and long-term Insurance contracts

Fei, Wenan; Fluet, Claude; Schlesinger, Harris - 2008

We examine how long-term life insurance contracts can be designed to incorporate uncertain future bequest needs. An individual who buys a life insurance contract early in life is often uncertain about the future financial needs of his or her family, in the event of an untimely death. Ideally,...

Persistent link: https://www.econbiz.de/10010264521

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