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one of two experts and time inputs from both experts. Experts enjoy motivation utilities from production, but have private … information of their own motivation preferences and project potentials. Technology and time-input choices are experts' private … decisions. Experts form a Partnership, which designs a sharing rule and a gatekeeping protocol to determine experts' priority on …
Persistent link: https://www.econbiz.de/10012933224
-maximizing quality. While standard theory predicts that equal mark-up prices solve the credence goods problem if customers can verify the …
Persistent link: https://www.econbiz.de/10010479932
Interactions between players with private information and opposed interests are often prone to bad advice and inefficient outcomes, e.g. markets for financial or health care services. In a deception game we investigate experimentally which factors could improve advice quality. Besides advisor...
Persistent link: https://www.econbiz.de/10011881706
, reputational concerns, competition between experts and second opinions). We also describe recent developments in this area of …
Persistent link: https://www.econbiz.de/10012158907
We consider a cross-calibration test of predictions by multiple potential experts in a stochastic environment. This … test checks whether each expert is calibrated conditional on the predictions made by other experts. We show that this test … the test no matter what the other potential experts do, and false experts will fail the test on all but a small (category …
Persistent link: https://www.econbiz.de/10012730968
Macroeconomic expectations of various economic agents are characterized by substantial cross-sectional heterogeneity. In this paper, we focus on expectations heterogeneity among professional forecasters. We first present stylized facts and discuss theoretical explanations for heterogeneous...
Persistent link: https://www.econbiz.de/10014472058
Macroeconomic expectations of various economic agents are characterized by substantial crosssectional heterogeneity. This chapter focuses on heterogeneity in the expectations among professional forecasters, first presenting stylized facts and discussing theoretical explanations for heterogeneous...
Persistent link: https://www.econbiz.de/10015084332
durables. Who opts into the transaction when given such incentives? We show theoretically and experimentally that increasing …
Persistent link: https://www.econbiz.de/10012052276
experiment that varies freelance professionals’ incentives to attract attention about scientific findings, with several online … experiments that exogenously expose receivers to the content created. Attention incentives lead to significantly less information … being transmitted, but not more factually inaccurate content. These incentives increase information demand and the knowledge …
Persistent link: https://www.econbiz.de/10015402019
We report on an experiment testing the empirical relevance of least squares (LS) learning, a common way of modelling how individuals learn a rational expectations equilibrium (REE). Subjects are endowed with the correct perceived law of motion (PLM) for a price level variable they are seeking to...
Persistent link: https://www.econbiz.de/10014078469