hindering information exchange. Using a repeated investment game, we analyze the effects of competition and transfer costs on …, competition costs represent an indirect cost that arises when the transfer of valuable information to competitors comes at the … information about others significantly improves trust and market efficiency, both competition and direct transfer costs diminish …

factors could improve advice quality. Besides advisor competition and identifiability we add the possibility for clients to … identifiabilitiy (leading to several client-advisor interactions over the course of the game) or competition (allowing one advisor to …-telling under competition. …

factors could improve advice quality. Besides advisor competition and identifiability we add the possibility for clients to … (leading to several client-advisor interactions over the course of the game) or competition (allowing one advisor to have …

factors could improve advice quality. Besides advisor competition and identifiability, we add the possibility for clients to … 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 …