LLM experts in credence goods markets reduce efficiency and consumer surplus unless liability or transparent prosocial objectives operate, and expert delegation with transparent objectives can outperform human-only markets.
Medical insurance and free choice of physician shape patient overtreatment: A laboratory experiment
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From Digital Distrust to Codified Honesty: Experimental Evidence on Generative AI in Credence Goods Markets
LLM experts in credence goods markets reduce efficiency and consumer surplus unless liability or transparent prosocial objectives operate, and expert delegation with transparent objectives can outperform human-only markets.