We study how experts influence consumer behavior and welfare by focusing on the Booker Prize. Leveraging the …

In credence goods markets, experts have better information about the appropriate quality of treatment than their … customers. Experts may exploit their informational advantage by defrauding customers. Market institutions have been shown … situation in which experts are heterogeneous in their diagnostic abilities. We find that efficient market outcomes are always …

profession and analyzes the number and type of awards received by the 1,200 leading economists included in Who's Who in Economics …. First steps towards integrating awards into economic theory are undertaken. -- Awards ; non-monetary incentives ; economics …

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 …

Do experts adjust their policy recommendations when the facts change? We conduct a large-scale randomized experiment … among 1,224 economic experts across 109 countries that includes two treatments. The first treatment is the geographic and … randomly assigned information treatment that informs experts about the past macroeconomic performance of their country. We find …

We provide evidence for an expectation gap, where risk-averse as well as impatient households and experts provide …