The Value of Rating Systems in Credence Goods Markets

• 成果类型: Article; Early Access
• 署名作者: Angerer, Silvia; Glatzle-Rutzler, Daniela; Mimra, Wanda; Rittmannsberger, Thomas; Waibel, Christian
• 署名单位: University of Innsbruck; heSam Universite; ESCP Business School; Technical University of Munich; Swiss Federal Institutes of Technology Domain; ETH Zurich
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueag011
• 发表日期: 2026
• 关键词: word-of-mouth; financial incentives; HOSPITALS RESPOND; price-competition; seller reputation; MEDICAL-TREATMENT; health-insurance; antibiotic abuse; Payment systems; Agency problems

摘要

In this paper, we experimentally investigate the effect of public consumer ratings on market outcomes in credence goods markets. Unlike search or experience goods, consumers cannot evaluate all dimensions of trade for credence goods, which may inhibit the information and reputation-building value of public rating systems. We implement a market in which experts have an informational advantage over consumers with respect to the appropriate service level. The rating system takes the form of a five-star rating system, as is common on online rating websites. The value of this rating system is compared across two expert market settings. First, consumers cannot rely on information from personal experience with the expert, reflecting markets in which consumer-expert interactions are often first-time and infrequent (e.g., specialist visits in healthcare markets). Second, consumers have personal experience with the expert, reflecting markets in which consumer-expert interactions are frequent and repeated (e.g., general practitioner visits in healthcare markets). We find that the public rating system significantly improves market outcomes. Furthermore, a public rating system is a good substitute for personal experience information in terms of market efficiency and consumer surplus. Taken together, however, we find no complementarity between public ratings and personal experience information, mainly due to the already high market efficiency in the presence of either one.