We study contracting between a consumer and an expert. The expert can invest in diagnosis to obtain a noisy signal about whether a low-cost service is sufficient or whether a high-cost treatment is required to solve the consumerś problem. This involves moral hazard because diagnosis effort and...

We study contracting between a consumer and an expert. The expert can invest in diagnosis to obtain a noisy signal about whether a low-cost service is sufficient or whether a high-cost treatment is required to solve the consumer's problem. This involves moral hazard because diagnosis effort and...

We study contracting between a consumer and an expert. The expert can invest in diagnosis to obtain a noisy signal about whether a low-cost service is sufficient or whether a high-cost treatment is required to solve the consumer's problem. This involves moral hazard because diagnosis effort and...

Unternehmen stehen bei der Entwicklung neuer Produkte bzw. Dienstleistungen immer wieder vor der Frage, ob diese von den Konsumenten angenommen werden. Insbesondere der Erfolg von technologischen Innovationen ist nur schwer zu prognostizieren. Jörg Königstorfer betrachtet den...