Dear colleagues, The Department of Economics cordially invites you to the WU Economics Research Seminar on Thursday, June 26th, 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<https://campus.wu.ac.at/?q=D4.0.144> With best regards, Harald Oberhofer --- 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<mailto: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<mailto:harald.oberhofer@wifo.ac.at> http://www.wifo.ac.at/harald_oberhofer