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This thesis analyses problems in credence goods markets with respect to their extent, their determinants and possible solutions to them. When purchasing credence goods, consumers have to trust in the accurateness of information provided by sellers. Sellers of credence goods may use this information asymmetry to their own advantage by, for instance, selling more or different services than in the best interest of the consumer. This market failure harms consumers and induces economic costs to the society. Economically signi cant examples of credence goods markets are health care markets and markets for financial advice which this thesis is applied to. Because of their relevance, and because the typical problems of credence goods are frequently observed in these markets, they are at the centre of political discussion. Researching them contributes to a better understanding of the necessities and consequences of political intervention and, eventually, to better inform policy makers. Research on credence goods markets is thus highly relevant.This is a cumulative dissertation with four chapters in which different research methods are used. In chapter 1, the research literature on credence goods is categorized and critically discussed with respect to the de finition of credence goods. Chapter 2 presents a fi eld experiment in the dental care market, providing a unique micro-level data set for the analysis of the extent of overtreatment and its determinants in a credence goods health market in an industrialized country. In chapter 3, a theoretical work on the connection between the problems in credence goods health care markets and the prevention decisions of patients is presented. Chapter 4 presents a laboratory experiment in which a new theory about markets for financial advice and the problem of biased advice is tested for the fi rst time and in which theeffects of different policies are compared. |
