Shaping beliefs in experimental markets for expert services: Guilt aversion and the impact of promises and money-burning options☆,☆☆
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A previous version of this paper was circulated as IZA Discussion Paper 4827 under the title “Guilt from promise-breaking and trust in markets for expert services”. We are indebted to an associate editor and three anonymous referees for their very detailed reports. Their constructive comments and suggestions helped to improve the paper a lot. Special thanks are due to Martin Dufwenberg for inspiring the forward-induction interpretation of the money-burning option. Financial support from the Austrian Science Fund (FWF) through grant number P20796 and from the Austrian National Bank (OeNB Jubiläumsfonds) through grant number 13602 is gratefully acknowledged.
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