Diagnostic uncertainty and insurance coverage in credence goods markets

Balafoutas, Loukas; Fornwagner, Helena; Kerschbamer, Rudolf; Sutter, Matthias; Tverdostup, Maryna

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Diagnostic uncertainty and insurance coverage in credence goods markets

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Sutter, Matthias
Max Planck Institute for Research on Collective Goods, Max Planck Society;

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2023_12online.pdf
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引用

Balafoutas, L., Fornwagner, H., Kerschbamer, R., Sutter, M., & Tverdostup, M. (2023). Diagnostic uncertainty and insurance coverage in credence goods markets.

引用: https://hdl.handle.net/21.11116/0000-000D-C219-C

要旨

In markets for credence goods – such as health care or repair services – fraudulent behavior by better informed experts is a common problem. Our model studies how four common features shape experts’ provision behavior in credence goods markets: (i) diagnostic uncertainty of experts; (ii) insurance coverage of consumers; (iii) malpractice payments for treatment failure; and (vi) consumer-regarding preferences of experts. Diagnostic imprecision unambiguously leads to less efficient provision. Insurance coverage and malpractice payments have an ambiguous effect on efficient provision. The impact of consumer-regarding preferences on efficiency is positive without insurance but ambiguous in the presence of insurance.