make a voluntary payment, a bonus, after observing advice quality. While the combination of competition and reputation …. Thus, our results suggest that a voluntary component can act as a substitute for either competition or reputation …

of privately known competence, who cares about his reputation, chooses the timing of the forecast regarding the outcome …. Further, any report hurts the forecaster’s reputation in the short run, with later reports incurring larger penalties. The … reputation of a silent forecaster, on the other hand, gradually improves over time. …