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Essays in Applied Microeconomics John Hartman University of South Florida, [email protected]

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Essays in Applied Microeconomics John Hartman University of South Florida, Jdhart306@Gmail.Com University of South Florida Scholar Commons Graduate Theses and Dissertations Graduate School June 2018 Essays in Applied Microeconomics John Hartman University of South Florida, [email protected] Follow this and additional works at: https://scholarcommons.usf.edu/etd Part of the Economics Commons Scholar Commons Citation Hartman, John, "Essays in Applied Microeconomics" (2018). Graduate Theses and Dissertations. https://scholarcommons.usf.edu/etd/7679 This Dissertation is brought to you for free and open access by the Graduate School at Scholar Commons. It has been accepted for inclusion in Graduate Theses and Dissertations by an authorized administrator of Scholar Commons. For more information, please contact [email protected]. Essays in Applied Microeconomics by John Hartman A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Economics Department of Economics College of Arts and Sciences University of South Florida Major Professor: Andrei Barbos, Ph.D. Gabriel Picone, Ph.D. Joshua Wilde, Ph.D. Benjamin Craig, Ph.D. Date of Approval: June 12, 2018 Keywords: reputational effects, credence goods, rationality, real-world outcomes Copyright © 2018, John Hartman ACKNOWLEDGMENTS I want to thank my major professor, Andrei Barbos, for all of the time and effort he has spent making this a better project. I would also like to thank the rest of the committee for their ideas and support. Specifically, Benjamin Craig has personally mentored me for the past four years, and I now consider him a good friend. My friends and family have patiently supported me throughout this entire process. My wife, Courtney, has been forced to put up with countless late nights and weekends alone. She has been my rock to lean on. My children, Juliana and Penelope, are always there to cheer me up after a long day. My parents, Joe and Beth, have helped me with grammar and formatting, while my in-laws, Edie and Peter, have acted as a second set of parents to help make sure everything else in my life is in order. Without their help, I would not be in this position today. TABLE OF CONTENTS List of Tables ................................................................................................................................. iv List of Figures ..................................................................................................................................v Abstract .......................................................................................................................................... vi Chapter One: Reputational Effects of Credence Goods: A Study of Fine and Rare Wine 1.1 Introduction ....................................................................................................................1 1.2 Reputations and Fraud in the Market for Wine .............................................................6 1.2.1 Product Quality ...............................................................................................6 1.2.2 Auction Houses and Reputations for Product Authenticity ............................7 1.2.3 History of Counterfeit Wine ...........................................................................8 1.2.4 Identifying Counterfeit Wine ..........................................................................9 1.2.5 Counterfeiting in This Study .........................................................................11 1.3 Literature on Reputation Markets and Credence Goods ............................................13 1.3.1 Adverse Selection .........................................................................................13 1.3.2 Firm Reputation ............................................................................................15 1.3.3 Reputations and Credence Goods .................................................................16 1.3.4 Empirical Research on Credence Goods.......................................................17 1.3.5 Consumer Inexperience ................................................................................18 1.4 Auction House Reputation ...........................................................................................19 1.4.1 Buyer’s Decision ...........................................................................................19 1.4.2 Auction House Prices ....................................................................................21 1.5 Estimation Strategy and Methodology.........................................................................21 1.5.1 Empirical Model for Auction House Prices ..................................................22 1.5.1.1 Difference-in-Difference Model ....................................................22 1.5.1.2 Triple Difference Model ................................................................25 1.5.3 Empirical Model for Auction House Quantity Supplied ..............................26 1.5.3.1 Difference-in-Difference Model ....................................................26 1.5.3.2 Triple Difference Model ................................................................27 1.6 Data ..............................................................................................................................28 1.6.1 Selection of Wines ........................................................................................28 1.6.2 Description of Independent Variables ..........................................................29 6.2.1 Determining Wines Likely to be Counterfeited ................................31 1.6.3 Description of Dependent Variables .............................................................32 1.6.4 Disclosure Dates and Selection of Houses Implicated .................................33 i 1.7 Results ..........................................................................................................................34 1.7.1 Equilibrium Prices Following the 2008 Disclosure .....................................34 1.7.1.1 Triple Difference Estimates ..........................................................35 1.7.2 Equilibrium Quantities ..................................................................................38 1.7.2.1 Equilibrium Quantities Following the 2008 Disclosure ................39 1.7.2.2 Triple Difference Estimates ..........................................................40 1.7.3 Equilibrium Prices Following the 2012 Disclosure ......................................41 1.7.3.1 Triple Difference Estimates ...........................................................42 1.7.4 Equilibrium Quantities Following the 2012 Disclosure ...............................45 1.7.4.1 Triple Difference Estimates ...........................................................46 1.8 Discussion and Concluding Remarks ..........................................................................46 1.8.1 Observations from the 2008 Study ...............................................................46 1.8.1.1 Acker’s Guarantee as Insurance .....................................................47 1.8.2 Observations from the 2012 Study ..............................................................48 1.8.3 General Findings and Study Implications .....................................................48 1.8.3.1 Increasing Use of Third-Party Experts ..........................................50 1.8.4 Study Limitations and Future Projects ..........................................................50 1.8.4.1 Future Projects ...............................................................................51 1.8.5 Conclusion ....................................................................................................52 References for Chapter One ...............................................................................................53 Chapter Two: Transitivity of Stated Preferences and Individual Characteristics 2.1 Introduction ..................................................................................................................72 2.2 A Review of the Literature ..........................................................................................75 2.2.1 Rationality and Real-World Outcomes .........................................................75 2.2.2 Transitivity in the Context of Preferences for Health ...................................76 2.3 Examining the Transitivity of Preferences ..................................................................78 2.3.1 Experimental Design .....................................................................................78 2.3.2 Defining a Failure of Transitivity .................................................................81 2.3.3 Measuring Each Failure of Transitivity ........................................................81 2.3.4 Determining the Severity of Each Failure of Transitivity ............................82 2.4 Estimation Strategy and Methodology.........................................................................83 2.4.1 Number of Opportunities for a Failure of Transitivity to Occur ..................83 2.4.2 Willingness to Trade .....................................................................................84 2.4.3 Empirical Model for Transitivity and Income ..............................................85 2.4.4 Empirical Model for Transitivity and Health................................................86 2.5 Data ..............................................................................................................................87
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