Markets for expert services are characterized by information asymmetries between experts and consumers. We analyze the … effects of consumer information, where consumers suffer from either a minor or serious problem and only experts can infer the … endorsed by good signals and fundamentally changed by bad signals. Experts condition their cheating on a consumer's risk of …

(1997, 1998) to analyse the price of French vaulting stallion semen in 2004. We show that reputation, modelled as an …