We construct a neural network algorithm that generates price predictions for art at auction, relying on both visual and non-visual object characteristics. We find that higher automated valuations relative to auction house pre-sale estimates are associated with substantially higher...

Credence goods markets are characterized by asymmetric information concerning the needed and/or provided quality between experts and consumers. The functioning of the market heavily relies on trust on the side of the consumer as well as trustworthiness on the side of the expert. However, a great...

Experts' voting behavior is conjectured to be more objective than peer voting (own group/peers) and public voters (everyone interested), who are supposedly influenced by all sorts of subjective aspects. We examine differences in voting behavior between these groups by analyzing the voting...

We construct a neural network algorithm that generates price predictions for art at auction, relying on both visual and non-visual object characteristics. We find that higher automated valuations relative to auction house pre-sale estimates are associated with substantially higher...

This paper offers a typology of different groups of “experts” in relation to crisis. While decision-making and leadership are frequently analysed in crisis research, the role of experts who offer advice in crisis is widely underexplored in social scientific research. Based on qualitative...

Do experts adjust their policy recommendations when the facts change? We conduct a large-scale randomized experiment among 1,224 economic experts across 109 countries that includes two treatments. The first treatment is the geographic and temporal variation in the initial spread of Covid-19...

This article sheds light on the impact of the media on economists' expectations for future economic developments. We conducted a worldwide economic expert survey and find that the media provides most economists with valuable information that influences their expectations. This applies...

The tendency of enterprises to use open innovations can be seen in the literature in many areas of research and practical application. However, the use of the concept of open innovation in local administration entities is less noticeable. The research gap in this area prompts the authors to...

Motivated by markets for ''expertise,'' we study a bandit model where a principal chooses between a safe and risky arm. A strategic agent controls the risky arm and privately knows whether its type is high or low. Irrespective of type, the agent wants to maximize duration of experimentation with...

This is a simple eye-opening paper under qualitative perspective based on experts' opinion. The information overthrown through paper is based on the review from public finance management workbook, experts' opinion and article review. Experts videos specific to public finance management is...

Professionalism is often viewed, in the management literature and in practice, as a desirable sought-after trait in employees and managers. This belief, however, does not consider a potential dark side of professionalism. A high self-concept of professionalism often coexists with a shallow...

We jointly model investors' allocation of order flow among over-the-counter dealers and dealers' acquisition of expertise that increases their ability to take advantage of investors across transactions. Investors choose dealers based on their level of expertise and the liquidity they are...

Actors in various settings have been increasingly relying on algorithmic tools to support their decision-making. Much of the public debate concerning algorithms - especially the associated regulation of new technologies - rests on the assumption that humans can assess the quality of algorithms....

Expert forecast combination—the aggregation of individual forecasts from multiple subject-matter experts— is a proven approach to economic forecasting. To date, research in this area has exclusively concentrated on local combination methods, which handle separate but related forecasting...

Climate experts delegated by countries to COP 24 and COP 25 show much agreement on international energy policy measures in the context of climate protection. Experts on average also agree with the proposal of compensating countries with large oil and gas reserves for not extracting them. But...

Resource allocation decisions play a dominant role in shaping a firm’s technological trajectory and competitive advantage. Recent work indicates that innovative firms and scientific institutions tend to exhibit an anti-novelty bias when evaluating new projects and ideas. In this paper, we...

We consider the communication of expertise in a disclosure game. A sender wants to persuade a receiver to take a high-value action. The sender has private information about her ability to acquire evidence, called her expertise. After the sender communicates her expertise to the receiver through...

We study the accuracy and usefulness of automated (i.e., machine-generated) valuations for illiquid and heterogeneous real assets. We assemble a database of 1.1 million paintings auctioned between 2008 and 2015. We use a popular machine-learning technique - neural networks - to develop a pricing...

We examine whether collective memories on the aid&reform programs chosen to handle the 2010 European debt crisis differ between citizens from borrower and lender countries. We use new international survey data for non-experts and experts in member countries of the euro area. The results show...

Firms often try to influence individuals that, like regulators, are tasked with advising or deciding on behalf of a third party. In a dynamic regulatory setting, we show that a firm may prefer to capture regulators through the promise of a lucrative future job opportunity (i.e., the...

We use population administrative data from Sweden to study adherence to 63 medication-related guidelines. We compare the adherence of patients without personal access to medical expertise to the adherence of those with access, namely doctors and their close relatives. We estimate that, among...

Credence goods markets are characterized by asymmetric information concerning the needed and/or provided quality between experts and consumers. The functioning of the market heavily relies on trust on the side of the consumer as well as trustworthiness on the side of the expert. However, a great...

Consumer needs change over time as a result of the fast-paced advancement in technology and the induction of the Internet, expansion that leads to a difficulty for brands to adapt their marketing promotion strategy and trying to remain innovative and effective at meeting their consumers’...

Der Umgang mit Krisen bedeutet vor allem, Entscheidungen unter Bedingungen von existentieller Bedrohung, fundamentaler Unsicherheit und hoher Dringlichkeit treffen zu müssen. Moderne Krisen überschreiten territoriale und disziplinäre Grenzen, Verwaltungsressorts und Wirtschaftssektoren oder...

We examine whether collective memories on the aid&reform programs chosen to handle the 2010 European debt crisis differ between citizens from borrower and lender countries. We use new international survey data for non-experts and experts in member countries of the euro area. The results show...

Firms often try to influence individuals that, like regulators, are tasked with advising or deciding on behalf of a third party. In a dynamic regulatory setting, we show that a firm may prefer to capture regulators through the promise of a lucrative future job opportunity (i.e., the...

We study the choice of a principal to either delegate a decision to a group of careerist experts, or to consult them individually and keep the decision-making power. Our model predicts a trade-off between information acquisition and information aggregation. On the one hand, the expected benefit...

We conduct a representative survey experiment in Germany to understand why people support inefficient policies. In particular, we measure beliefs about and preferences for rent control - a policy that is widely regarded as harmful by experts. To tease out causal mechanisms, we provide randomly...

We study the design of contracts that incentivize experts to collect information and truthfully report it to a decision maker. We depart from most of the previous literature by assuming that the transfers cannot depend on the realized state or on the ex post payoff of the decision maker. The...