Matches in SemOpenAlex for { <https://semopenalex.org/work/W2303346121> ?p ?o ?g. }
- W2303346121 abstract "This paper investigates the incentive of intermediaries|such as mortgage brokers, nancial advisors, or insurance salespeople|to educate consumers who misperceive the value of products. Two types of rms sell products through competing common-agent intermediaries and pay commissions for sales. One sells a transparent product, while the other sells a deceptive product that has a hidden fee, quality, or risk. Each intermediary chooses which product to oer and whether or not to educate consumers about the hidden attribute. I show that intermediaries employ deception if and only if the degree of misperception is large. If deception occurs, intermediaries earn high commissions despite competition. Furthermore, because consumers ultimately bear the cost of such commissions, consumer welfare is lower when intermediaries can educate consumers than when they cannot. Regulating commissions|analogous to recent policies in the US mortgage industry as well as in the Australian and UK mutual-fund industries|can lead intermediaries to reveal any hidden attribute. I also provide a condition to detect such deception from market data." @default.
- W2303346121 created "2016-06-24" @default.
- W2303346121 creator A5047644314 @default.
- W2303346121 date "2015-01-01" @default.
- W2303346121 modified "2023-09-27" @default.
- W2303346121 title "Deception under Competitive Intermediation" @default.
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