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. -- credence goods ; experiment ; liability ; verifiability ; reputation …

Die Ökonomische Theorie des Haftungsrechts kommt zu dem Ergebnis, daß Haftungsregeln unter bestimmten Bedingungen dazu … gentechnologischen Forschung stark diskutiert. Es wird aufgezeigt, daß eine experimentelle Untersuchung der Ökonomischen Theorie des …

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 …