aspect of the services of experts (e.g., of doctors, lawyers, and accountants), and the role that voluntary pro bono work … might play. Expert services have un- verifiable quality to non-experts and are subject to moral hazard. Experts who cheat … their customers should crowd out experts who do not, resulting in low trust, prestige, and wages. We ask how pro bono work …

between experts and consumers. The functioning of the market heavily relies on trust on the side of the consumer as well as … behavior of experts, however, is not significantly influenced by the health care framing, nor by the subject pool. …

, verifiability fails to yield efficiency in experiments with endogenous prices. We identify heterogeneous distributional preferences … as the main cause and design a parsimonious experiment with exogenous prices that allows classifying experts as either …

determinants for efficiency in credence goods markets. While theory predicts that either liability or verifiability yields … efficiency, we find that liability has a crucial, but verifiability only a minor effect. Allowing sellers to build up reputation …

When experts have superior information on their customers' needs and appropriate treatment/repair/advice is a credence … good, there are obvious incentives for opportunistic behavior. What compounds this is that experts regularly make treatment …