منابع مشابه
Patents as Credence Goods
The view of patents as well defined property rights is as simplistic as it is ubiquitous. This paper argues that in newly arising or immature technologies, patents are subject to intrinsic and extrinsic uncertainty that make them very opaque representations of the underlying inventions. The opacity is a result of unsettled legal doctrine and scientific terminology, uncertain commercial and tech...
متن کاملCredence Goods and Product Differentiation
This paper analyses price competition between two firms producing horizontally and vertically differentiated goods. These are assumed to be credence goods, as consumers can hardly ascertain the quality of the commodities. We provide sufficient conditions for the existence of a unique price equilibrium and we characterize it. To illustrate the model, we adapt it to represent a newspapers’ indust...
متن کاملCredence Goods and Fraudulent Experts
This paper is about a market for credence goods. With a credence good consumers are never sure about the extent of the good they actually need. Therefore, sellers act as experts determining the customers’ requirements. This information asymmetry between buyers and sellers obviously creates strong incentives for sellers to cheat on services. We analyze whether the market mechanism may induce non...
متن کاملBehavior of Real Experts on Experimental Markets for Credence Goods
We compare the behavior of car mechanics and college students as sellers in experimental credence goods markets. Finding largely similar behavior, we note much more overtreatment by car mechanics, probably due to decision heuristics they learned in their professional training. JEL classifications: C91, D82, C72
متن کاملCredence Goods Markets with Conscientious and Selfish Experts∗
I study credence goods markets when there are both selfish and conscientious experts. The selfish expert is a profit maximizer. The conscientious expert wants to maximize profit and repair the consumer’s problem. There are two classes of equilibria: uniform-price equilibria and nonuniform-price equilibria. A consumer cannot infer the expert’s type from his price list in a uniform-price equilibr...
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ژورنال
عنوان ژورنال: International Journal of Industrial Organization
سال: 2001
ISSN: 0167-7187
DOI: 10.1016/s0167-7187(99)00023-5