-maximizing quality. While standard theory predicts that equal mark-up prices solve the credence goods problem if customers can verify the …

Theory predicts that committees of experts may take decisions that look good but are bad and that they show a united … assessments. We investigate this theory in the lab, using treatments with and without reputation concerns and with and without …

Economists and management scholars have argued that the scope of incentives to increase cooperation in organizations is … prevailing cooperation levels among employees before they can set incentives to promote cooperation. In addition, employees …-liefs about the cooperativeness of others. Incentives hence have strong positive effects on cooperative beliefs, irrespective of …

, price regulation should be accompanied by licensing arrangements that cap the number of experts in the market. Our theory … experts (the agents) care both about their income and the utility of consumers (the principals). Experts' preferences over … income and their consumers' utility are convex, such that experts care less for consumers when their financial situation is …

between experts and consumers. The functioning of the market heavily relies on trust on the side of the consumer as well as … behavior of experts, however, is not significantly influenced by the health care framing, nor by the subject pool. …