Markets for expert services are characterized by information asymmetries between experts and consumers. We analyze the … effects of consumer information, where consumers suffer from either a minor or serious problem and only experts can infer the … endorsed by good signals and fundamentally changed by bad signals. Experts condition their cheating on a consumer's risk of …

We provide an explanation for why committees may behave over-cautiously. A committee of experts makes a decision on a … evidence and the best practices of the experts' common discipline, which is only indirectly related to the true state of the … dieser Innovation durch jeden Experten erfolgt auf der Grundlage dessen, was in der gemeinsamen Disziplin als allgemein …

In this paper, we consider a committee of experts that decides whether to approve or reject a proposed innovation on …

An agent searches sequentially for advice from multiple experts concerning the payoff of taking an operation. After … infinitely many experts, each has access to an identically and conditionally independent signal structure about the payoff, and … each makes a recommendation after observing the signal realization. We find that the experts face a loser's curse, which …