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Credence goods markets suffer from inefficiencies caused by superior information of sellers about the surplus-maximizing quality. While standard theory predicts that equal mark-up prices solve the credence goods problem if customers can verify the quality received, experimental evidence...
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The decision to enter into a formal personal insolvency process involves consideration of the complexities underpinning the available options, the procedures underpinning those alternatives and the immediate and long-term impact of those choices. Matching a person’s individual circumstances...
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Purpose – The purpose of this chapter is to conduct a critical literature review that examines the origins and development of research on service robots in organizations, as well as the key emotional and cognitive issues between service employees, customers, and robots. This review provides a...
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Agents form expectations about the future in many markets, and these expectations drive investment and consumption behavior, inform entry and exit choices, and can even provide direct satisfaction or distress. How agents form expectations is therefore of central interest to economists. This...
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In this paper, we present and test the empirical implications of competing theories about how expectations of outcomes affect utility. In the first utility formulation, which is consistent with particular interpretations of disappointment, prospect theory and regret theory, individuals receive...
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