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The Impact of Distributional Preferences on (Experimental) Markets for Expert Services
Kerschbamer, Rudolf; Sutter, Matthias; Dulleck, Uwe - 2009
, 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 …
Persistent link: https://www.econbiz.de/10010294825
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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
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 …
Persistent link: https://www.econbiz.de/10010294835
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Credence goods in the literature: What the past fifteen years have taught us about fraud, incentives, and the role of institutions
Balafoutas, Loukas; Kerschbamer, Rudolf - 2020
the market structure and institutional environment (separation of diagnosis and treatment, liability, verifiability …, reputational concerns, competition between experts and second opinions). We also describe recent developments in this area of …
Persistent link: https://www.econbiz.de/10012609010
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Searching for Treatment
Obradovits, Martin; Plaickner, hilipp - 2020
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 …
Persistent link: https://www.econbiz.de/10012609027
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Bubble or no Bubble - The Impact of Market Model on the Formation of Price Bubbles in Experimental Asset Markets
Kirchler, Michael; Huber, Jürgen; Stöckl, Thomas - 2009
For the past two decades a market model introduced by Smith, Suchanek, and Williams (1988, henceforth SSW) has dominated experimental research on financial markets. In SSW the fundamental value of the traded asset is determined by the expected value of a finite stream of dividend payments. This...
Persistent link: https://www.econbiz.de/10010294788
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Thar she bursts - Reducing confusion reduces bubbles
Kirchler, Michael; Huber, Jürgen; Stöckl, Thomas - 2011
To explore why bubbles frequently emerge in the experimental asset market model of Smith, Suchanek and Williams (1988), we vary the fundamental value process (constant or declining) and the cash-to-asset value-ratio (constant or increasing). We observe high mispricing in treatments with a...
Persistent link: https://www.econbiz.de/10010294824