We examine misconduct in credence good markets with price taking experts. We propose a market-level model in which … price-taking experts extract surplus based on the value of their firm's brand and their own skill. We test the predictions … independent experts, despite doing substantially less business. In addition, more experienced experts attract more complaints per …

Consider an environment where long-lived experts repeatedly interact with short-lived customers. In periods when an … appropriate. We find that there exists an equilibrium in which experts always play truthfully and choose the customer's preferred … with high probability if the previous treatment was minor, and low probability if it was major. If experts have private …

makes ratings effective, reputation systems, as currently designed, sow the seeds of their own irrelevance …

In this paper, we examine the empirical implications of reputation formation using a game-theoretic model of intra …-familial interactions. We consider parental reputation in repeated two-stage games in which daughters' decision to have a child as a … work of Milgrom and Roberts (1982) and Kreps and Wilson (1982) on reputation in repeated games, we show that parents have …