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der Prohibitionspolitik. Im Zentrum steht das Argument, dass Schwarzmärkte keinen Verbraucherschutz gewährleisten. …
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We analyze firms' competition to steer an advisor's recommendations through potentially non-linear incentives. Even when firms are symmetric, so that the overall size of compensation would not distort advice when incentives were linear, advice is biased when firms are allowed to make...
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