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market for experts. The information the expert reveals decreases as his bias moves toward stronger preference for the status …We analyze situations in which an expert is biased toward some decision but cares also about his reputation in the …, revealing the intensity of the expert's bias doesn't always improve the information he reveals in equilibrium. The presence of a …
Persistent link: https://www.econbiz.de/10009368142
We analyze how financial experts influence asset prices in a sequential trading model. In the model, an expert of … information about the expert's ability is private to traders and only revealed through trades. When the expert's reputation is …
Persistent link: https://www.econbiz.de/10011110283
This paper analyses the market for professional (expert) services where the experts are motivated by reputational … characteristics can induce clients to choose between experts with different reputations. The paper shows that clients choices have an … important impact on the incentives of experts to provide a high quality service. In particular, sorting of clients affects …
Persistent link: https://www.econbiz.de/10008527062
his reputation for truth telling, we show that the larger the inequality, the less information can credibly be transmitted …
Persistent link: https://www.econbiz.de/10005792547
his reputation for truthtelling, we show that the larger is the inequality, the less information can credibly be … angenommen wird, dass der Lobbyist Wert auf seine Reputation als aufrichtiger Informationsvermittler legt. Dabei kann gezeigt …
Persistent link: https://www.econbiz.de/10005772935
We study entry and bidding patterns in sealed bid and open auctions with heterogeneous bidders. Using data from U.S. Forest Service timber auctions, we document a set of systematic effects of auction format: sealed bid auctions attract more small bidders, shift the allocation towards these...
Persistent link: https://www.econbiz.de/10005830377
Persistent link: https://www.econbiz.de/10009147365
What is the best way to reward innovation? While prizes avoid deadweight loss, intellectual property selects high social surplus projects. Optimal innovation policy thus trades off the ex-ante screening benefit and the ex-post distortion. It solves a multidimensional screening problem in the...
Persistent link: https://www.econbiz.de/10009369357
By using general information structures and precision criteria based on the dispersion of conditional expectations, we study how oligopolists’ information acquisition decisions may change the effects of information sharing on the consumer surplus. Sharing information about individual cost...
Persistent link: https://www.econbiz.de/10008693525
I analyze a model of hold-up with asymmetric information at the contracting stage. The asymmetry of information concerns the value of trade with external parties. I show that contractual signaling and efficiency of investment can conflict if only quantity is contractible. This conflict generates...
Persistent link: https://www.econbiz.de/10011049874