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Relational contracts and the nature of market interactions
Brown, Martin (contributor); Falk, Armin (contributor);  … - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001800150
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The economics of credence goods : on the role of liability, verifiability, reputation and competition
Dulleck, Uwe; Kerschbamer, Rudolf; Sutter, Matthias - 2009
inefficiencies, such as under- and overtreatment or market break-down. We study in a large experiment with 936 participants the … determinants for efficiency in credence goods markets. While theory predicts that either liability or verifiability yields … higher efficiency as long as liability is violated. -- Credence goods ; experiment ; liability ; verifiability ; reputation …
Persistent link: https://www.econbiz.de/10003814341
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The role of bounded rationality and imperfect information in subgame perfect implementation : an empirical investigation
Aghion, Philippe; Fehr, Ernst; Holden, Richard T.; … - 2015
In this paper we conduct a laboratory experiment to test the extent to which Moore and Repullo's subgame perfect … mechanism should - in theory - provide incentives for truth-telling, many buyers in fact believe that they can increase their …
Persistent link: https://www.econbiz.de/10010510004
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Foundations of utilitarianism under risk and variable population
Spears, Dean; Zuber, Stéphane - 2021
Utilitarianism is the most prominent family of social welfare functions. We present three new axiomatic characterizations of utilitarian (that is, additively separable) social welfare functions in a setting where there is risk over both population size and the welfares of individuals. First, we...
Persistent link: https://www.econbiz.de/10012583668
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Reverse Bayesianism: revising beliefs in light of unforeseen events
Becker, Christoph; Melkonyan, Tigran A.; Proto, Eugenio; … - 2020
Bayesian Updating is the dominant theory of learning in economics. The theory is silent about how individuals react to …
Persistent link: https://www.econbiz.de/10012306040
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Why pay taxes when no one else does?
Epstein, Gil S.; Gang, Ira N. - 2009
present a model which incorporates elements from the theory of information cascades with the standard model of tax evasion and …
Persistent link: https://www.econbiz.de/10003832265
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Motivated belief updating and rationalization of information
Drobner, Christoph; Goerg, Sebastian J. - 2022
We study belief updating about relative performance in an ego-relevant task. Manipulating the perceived ego-relevance of the task, we show that subjects update their beliefs optimistically because they derive direct utility flows from holding positive beliefs. This finding provides a behavioral...
Persistent link: https://www.econbiz.de/10013433247
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On reputation : a microfoundation of contract enforcement and price rigidity
Fehr, Ernst (contributor); Brown, Martin (contributor);  … - 2008
We study the impact of reputational incentives in markets characterized by moral hazard problems. Social preferences have been shown to enhance contract enforcement in these markets, while at the same time generating considerable wage and price rigidity. Reputation powerfully amplifies the...
Persistent link: https://www.econbiz.de/10003750306
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Negative externalities and equilibrium existence in competitive markets with adverse selection
Siemens, Ferdinand von; Kosfeld, Michael - 2009
Rothschild and Stiglitz (1976) show that there need not exist a competitive equilibrium in markets with adverse selection. Building on their framework we demonstrate that externalities between agents - an agent's utility upon accepting a contract depends on the average type attracted by the...
Persistent link: https://www.econbiz.de/10003831629
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Competition, cooperation, and corporate culture
Kosfeld, Michael (contributor);  … - 2007
Teamwork and cooperation between workers can be of substantial value to a firm, yet the level of worker cooperation often varies between individual firms. We show that these differences can be the result of labor market competition if workers have heterogeneous preferences and preferences are...
Persistent link: https://www.econbiz.de/10003603601