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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 … laboratory experiment, we show that consumers are generally reluctant to accept expensive treatment recommendations, which is …
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Despite much discussion in the psychology and marketing literature as to how emotions influence decision-making, this area of analysis has been largely neglected in the finance literature. We redress this important gap by using proxies for emotions drawn from the news and social media to...
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field experiment in the market for computer repairs. We find that revealing a second opinion from another expert to the …
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