Dear colleagues,

The Department of Economics cordially invites you to the WU Economics Research Seminar on Thursday, June 26^th, with

Thomas Jungbauer

(Cornell University)

on

"Strategic referrals among experts"

Abstract: We study a dynamic model of referrals among experts that are horizontally specialized in treating heterogeneous problems. Demand for an expert’s services increases in their reputation, a decaying record of their historic success rate in solving problems. Experts refer mismatched problems, trading off today’s revenue with a higher demand tomorrow. In the unique steady state of Markov equilibria, the market generally neither supports efficient referrals nor optimal specialization, a problem potentially exacerbated by the adoption of AI. Our results suggest that regulation should allow for referral alliances and partnerships among small numbers of experts with complementary skills.

Date: Thursday, June 26th

Time: 10.30 am - 12 noon (CET)

Location: building D4, ground floor, D4.0.144

With best regards,

Harald Oberhofer

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Univ.-Prof. Dr. Harald Oberhofer

Department of Economics 

WU Vienna University of Economics and Business

Phone: +43/1/31336-4984

Email: harald.oberhofer@wu.ac.at

https://www.wu.ac.at/en/economics/people/oberhofer-h

Austrian Institute of Economic Research (WIFO)

Phone: +43/1/7982601-468

Email: harald.oberhofer@wifo.ac.at

http://www.wifo.ac.at/harald_oberhofer