{"id":"https://openalex.org/W2087009286","doi":"https://doi.org/10.1111/1467-937x.00250","title":"Second Opinions and Price Competition: Inefficiency in the Market for Expert Advice","display_name":"Second Opinions and Price Competition: Inefficiency in the Market for Expert Advice","publication_year":2003,"publication_date":"2003-04-01","ids":{"openalex":"https://openalex.org/W2087009286","doi":"https://doi.org/10.1111/1467-937x.00250","mag":"2087009286"},"language":"en","primary_location":{"id":"doi:10.1111/1467-937x.00250","doi":"https://doi.org/10.1111/1467-937x.00250","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1467-937x.00250","pdf_url":null,"source":{"id":"https://openalex.org/S88935262","display_name":"The Review of Economic Studies","issn_l":"0034-6527","issn":["0034-6527","1467-937X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Economic Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5033175061","display_name":"Wolfgang Pesendorfer","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I20089843","display_name":"Princeton University","ror":"https://ror.org/00hx57361","country_code":"US","type":"education","lineage":["https://openalex.org/I20089843"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Wolfgang Pesendorfer","raw_affiliation_strings":["Princeton University","Princeton University#TAB#"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Princeton University","institution_ids":["https://openalex.org/I20089843"]},{"raw_affiliation_string":"Princeton University#TAB#","institution_ids":["https://openalex.org/I20089843"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5066703729","display_name":"Asher Wolinsky","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I111979921","display_name":"Northwestern University","ror":"https://ror.org/000e0be47","country_code":"US","type":"education","lineage":["https://openalex.org/I111979921"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Asher Wolinsky","raw_affiliation_strings":["Northwestern University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Northwestern University","institution_ids":["https://openalex.org/I111979921"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4952,"currency":"GBP","value_usd":6530},"apc_paid":null,"fwci":12.8221,"has_fulltext":false,"cited_by_count":112,"citation_normalized_percentile":{"value":0.98304705,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":99},"biblio":{"volume":"70","issue":"2","first_page":"417","last_page":"437"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11043","display_name":"Merger and Competition Analysis","score":0.7020999789237976,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11043","display_name":"Merger and Competition Analysis","score":0.7020999789237976,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.11400000005960464,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11031","display_name":"Game Theory and Applications","score":0.10100000351667404,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/second-opinion","display_name":"second opinion","score":0.9369999766349792},{"id":"https://openalex.org/keywords/price-competition","display_name":"price competition","score":0.953000009059906},{"id":"https://openalex.org/keywords/expert-advice","display_name":"expert advice","score":0.7900000214576721},{"id":"https://openalex.org/keywords/effort-provision","display_name":"effort provision","score":0.49399998784065247},{"id":"https://openalex.org/keywords/unobservable-effort","display_name":"unobservable effort","score":0.6729999780654907},{"id":"https://openalex.org/keywords/price-controls","display_name":"price controls","score":0.5809999704360962}],"concepts":[{"id":"https://openalex.org/C2780695315","wikidata":"https://www.wikidata.org/wiki/Q3799040","display_name":"Unobservable","level":2,"score":0.8316569328308105},{"id":"https://openalex.org/C2778869765","wikidata":"https://www.wikidata.org/wiki/Q6028363","display_name":"Inefficiency","level":2,"score":0.7734730839729309},{"id":"https://openalex.org/C91306197","wikidata":"https://www.wikidata.org/wiki/Q45767","display_name":"Competition (biology)","level":2,"score":0.661852240562439},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6350891590118408},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.5042544603347778},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.48981258273124695},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.48980236053466797},{"id":"https://openalex.org/C2780378061","wikidata":"https://www.wikidata.org/wiki/Q25351891","display_name":"Service (business)","level":2,"score":0.48850882053375244},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4832811653614044},{"id":"https://openalex.org/C2775924081","wikidata":"https://www.wikidata.org/wiki/Q55608371","display_name":"Control (management)","level":2,"score":0.4239528775215149},{"id":"https://openalex.org/C101472132","wikidata":"https://www.wikidata.org/wiki/Q835678","display_name":"Price discrimination","level":2,"score":0.4183230400085449},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.40997910499572754},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.33605140447616577},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.3229013681411743},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.0},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0}],"mesh":[],"locations_count":8,"locations":[{"id":"doi:10.1111/1467-937x.00250","doi":"https://doi.org/10.1111/1467-937x.00250","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1467-937x.00250","pdf_url":null,"source":{"id":"https://openalex.org/S88935262","display_name":"The Review of Economic Studies","issn_l":"0034-6527","issn":["0034-6527","1467-937X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Economic Studies","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:nwu:cmsems:1229","doi":null,"is_oa":false,"landing_page_url":"http://www.kellogg.northwestern.edu/research/math/papers/1229.pdf","pdf_url":"http://www.kellogg.northwestern.edu/research/math/papers/1229.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:nwu:cmsems:1306","doi":null,"is_oa":false,"landing_page_url":"http://www.kellogg.northwestern.edu/research/math/papers/1306.pdf","pdf_url":"http://www.kellogg.northwestern.edu/research/math/papers/1306.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.23.9697","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.23.9697","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.kellogg.nwu.edu/research/math/papers/1229.pdf","raw_type":"text"},{"id":"mag:2087009286","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/paper/wopprinet/00s18.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:oup:restud:v:70:y:2003:i:2:p:417-437","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1111/1467-937X.00250","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:econstor.eu:10419/221585","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10419/221585","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"},{"id":"pmh:oai:econstor.eu:10419/221661","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10419/221661","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":12,"referenced_works":["https://openalex.org/W1493448446","https://openalex.org/W1516216046","https://openalex.org/W1992061418","https://openalex.org/W2043948304","https://openalex.org/W2061828427","https://openalex.org/W2086888884","https://openalex.org/W2087545895","https://openalex.org/W2088953989","https://openalex.org/W2090671021","https://openalex.org/W2160766790","https://openalex.org/W2166416595","https://openalex.org/W2272818164"],"related_works":["https://openalex.org/W7098879991","https://openalex.org/W7134187441","https://openalex.org/W7098918563","https://openalex.org/W3021915551","https://openalex.org/W2752273400","https://openalex.org/W1608147049","https://openalex.org/W3122661862","https://openalex.org/W4391090934","https://openalex.org/W2101598148","https://openalex.org/W7099536487"],"abstract_inverted_index":{"We":[0,37],"consider":[1],"a":[2,42,60],"market":[3],"in":[4],"which":[5],"an":[6],"expert":[7],"must":[8],"exert":[9,53],"costly":[10],"but":[11],"unobservable":[12],"effort":[13,54],"to":[14,52,74],"identify":[15],"the":[16,20,31,39,66,71,76],"service":[17],"that":[18,41,57,83],"meets":[19],"consumer's":[21],"need.":[22],"In":[23,69],"our":[24],"model,":[25],"experts":[26,51],"offer":[27],"competing":[28],"contracts":[29],"and":[30,47,55,65],"consumer":[32],"may":[33],"gather":[34],"multiple":[35],"opinions.":[36],"explore":[38],"incentives":[40],"competitive":[43],"sampling":[44],"of":[45],"prices":[46],"opinions":[48],"provides":[49],"for":[50],"find":[56],"there":[58],"is":[59],"tension":[61],"between":[62],"price":[63,85,88],"competition":[64,86],"equilibrium":[67,72],"effort.":[68],"particular,":[70],"fails":[73],"realize":[75],"second":[77],"best":[78],"welfare":[79],"optimum.":[80],"An":[81],"intervention,":[82],"limits":[84],"via":[87],"control,":[89],"increases":[90],"welfare.":[91]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":7},{"year":2020,"cited_by_count":5},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":8},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":5},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":7},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
