This article studies the use of different distribution channels as an instrument of price discrimination in credence goods markets. In credence goods markets, where consumers do not know which quality of the good or service they need, price discrimination proceeds along the dimension of quality...

Starting with a carefully formulated Dirichlet process (DP) mixture model, we derive a generalized product partition model (GPPM) in which the partition process is predictor-dependent. The GPPM generalizes DP clustering to relax the exchangeability assumption through the incorporation of...

Research has repeatedly shown that when groups whose members have varying expertise are combined to make a decision, they tend to discuss common information at a higher rate than unique information, hindering their ability to make the best decision. In response to these findings and the fact...

We model EU countries? bank ratings using financial variables and allowing for intercept and slope heterogeneity. We find that country-specific factors (in the form of heterogeneous intercepts) are a crucial determinant of ratings. Whilst ?new? EU countries typically have lower ratings than...