In credence goods markets, experts have better information about the appropriate quality of treatment than their … customers. Experts may exploit their informational advantage by defrauding customers. Market institutions have been shown … situation in which experts are heterogeneous in their diagnostic abilities. We find that efficient market outcomes are always …

In credence goods markets, experts have better information about the appropriate quality of treatment than their … customers. Experts may exploit their informational advantage by defrauding customers. Market institutions have been shown … experts are heterogeneous in their diagnostic abilities. We find that efficient market outcomes are always possible. However …

the good they actually need. Therefore, sellers act as experts determining the customers' requirements. This information …

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. …

Markets for expert services are characterized by information asymmetries between experts and consumers. We analyze the … effects of consumer information, where consumers suffer from either a minor or serious problem and only experts can infer the … endorsed by good signals and fundamentally changed by bad signals. Experts condition their cheating on a consumer's risk of …