haku: @indexterm PRICE CONTROL / yhteensä: 133
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| Tekijä: | Pesendorfer, W. Wolinsky, A. |
| Otsikko: | Second opinions and price competition: inefficiency in the market for expert advice |
| Lehti: | Review of Economic Studies
2003 : VOL. 70:2(243), p. 417-437 |
| Asiasana: | Prices Competition Price control Knowledge-based systems |
| Kieli: | eng |
| Tiivistelmä: | The authors consider a market in which an expert mudt exert costly but unobservable effort to identify the service that meets the consumer's need. In their model , experts offer competing contracts and the consumer may gather multiple opinions. The authors explore the incentives that a competitive sampling of prices and opinions provides for experts to exert effort and find that there is a tension between price competition and the equilibrium effort. An intervention, that limits price competition via price control, increases welfare. |
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