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Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Working Papers in Economics and Statistics No. 2020-09
Verlag: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Zusammenfassung: 
Credence goods markets with their asymmetric information between buyers and sellers are prone to large inefficiencies. In theory, poorly informed consumers can protect themselves from maltreatment through sellers by asking for second opinions from other sellers. Yet, empirical evidence whether this is a successful strategy is scarce. Here we present a natural field experiment in the market for computer repairs. We find that revealing a second opinion from another expert to the seller does neither increase the rate of successful repairs nor decrease the average repair price. We assess under which conditions gathering a second opinion can be valuable.
Schlagwörter: 
Credence goods
expert services
second opinions
natural field experiment
JEL: 
C93
D82
Dokumentart: 
Working Paper

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