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The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition
Dulleck, Uwe; Kerschbamer, Rudolf; Sutter, Matthias - Institute for the Study of Labor (IZA) - 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 … higher efficiency as long as liability is violated. …
Persistent link: https://www.econbiz.de/10005822832
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Heterogeneity in Rent-Seeking Contests with Multiple Stages: Theory and Experimental Evidence
Hörtnagl, Tanja; Kerschbamer, Rudolf; Stracke, Rudi; … - CESifo - 2013
This paper investigates how heterogeneity in contestants’ investment costs affects the competition intensity in a dynamic elimination contest. Theory predicts that the absolute level of investment costs has no effect on the competition intensity in homogeneous interactions. Relative cost...
Persistent link: https://www.econbiz.de/10010701084
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The hidden costs of tax evasion: collaborative tax evasion in markets for expert services
Balafoutas, Loukas; Beck, Adrian; Kerschbamer, Rudolf; … - Department of Economics, European University Institute - 2014
that tax evasion attempts – independently of whether they are successful or not – lead to efficiency losses in the form of … collection of tax revenues, but also by reducing market efficiency. …
Persistent link: https://www.econbiz.de/10010862114
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Car mechanics in the lab: investigating the behavior of real experts on experimental markets for credence goods
Beck, Adrian; Kerschbamer, Rudolf; Qiu, Jianying; … - Department of Economics, European University Institute - 2014
Credence goods, such as car repairs or medical services, are characterized by severe informational asymmetries between sellers and consumers, leading to fraud in the form of provision of insufficient service (undertreatment), provision of unnecessary service (overtreatment) and charging too much...
Persistent link: https://www.econbiz.de/10010862115
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The Hidden Costs of Tax Evasion - Collaborative Tax Evasion in Markets for Expert Services
Balafoutas, Loukas; Beck, Adrian; Kerschbamer, Rudolf; … - Institut für Finanzwissenschaft, Fakultät für … - 2014
that tax evasion attempts – independently of whether they are successful or not – lead to efficiency losses in the form of … collection of tax revenues, but also by reducing market efficiency. …
Persistent link: https://www.econbiz.de/10010839569
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Optimal prizes in dynamic elimination contests: Theory and experimental evidence
Stracke, Rudi; Höchtl, Wolfgang; Kerschbamer, Rudolf; … - Institut für Finanzwissenschaft, Fakultät für … - 2014
This paper investigates the implications of different prize structures on effort provision in dynamic (two-stage) elimination contests. Theoretical results show that, for risk-neutral participants, a structure with a single prize for the winner of the contest maximizes total effort, while a...
Persistent link: https://www.econbiz.de/10010839574
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How the Value of Information Shapes the Value of Commitment Or: Why the Value of Commitment Does Not Vanish
Hörtnagl, Tanja; Kerschbamer, Rudolf - Institut für Finanzwissenschaft, Fakultät für … - 2014
This paper challenges recent results on the fragility of the value of commitment. It introduces a specific notion of the ’value of information’ for a later-moving player about the action choice of a previously-moving player, gives conditions under which this value is positive and shows that...
Persistent link: https://www.econbiz.de/10010839589
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Car Mechanics in the Lab - Investigating the Behavior of Real Experts on Experimental Markets for Credence Goods
Beck, Adrian; Kerschbamer, Rudolf; Qiu, Jianying; … - Institut für Finanzwissenschaft, Fakultät für … - 2014
Credence goods, such as car repairs or medical services, are characterized by severe informational asymmetries between sellers and consumers, leading to fraud in the form of provision of insufficient service (undertreatment), provision of unnecessary service (overtreatment) and charging too much...
Persistent link: https://www.econbiz.de/10010839592
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Heterogeneity in Rent-Seeking Contests with Multiple Stages: Theory and Experimental Evidence
Hörtnagl, Tanja; Kerschbamer, Rudolf; Stracke, Rudi; … - Institut für Finanzwissenschaft, Fakultät für … - 2013
This paper investigates how heterogeneity in contestants' investment costs affects the competition intensity in a dynamic elimination contest. Theory predicts that the absolute level of investment costs has no effect on the competition intensity in homogeneous interactions. Relative cost...
Persistent link: https://www.econbiz.de/10010839600
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Optimal prizes in dynamic elimination contests: Theory and experimental evidence
Stracke, Rudi; Höchtl, Wolfgang; Kerschbamer, Rudolf; … - In: Journal of Economic Behavior & Organization 102 (2014) C, pp. 43-58
This paper investigates the implications of different prize structures on effort provision in dynamic (two-stage) elimination contests. Theoretical results show that, for risk-neutral participants, a structure with a single prize for the winner of the contest maximizes total effort, while a...
Persistent link: https://www.econbiz.de/10011048125