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The Economics of Reputation
This research collection compiles key articles on the economics of reputation, starting from the origins of the ideas of asymmetric quality information and reputation, and going through to current articles, including the economics of collective reputation with implications for international trade. This is an ideal research resource for a graduate course in industrial organization or for the economist with interest in reputation issues. It is a useful reference for any economist’s collection.
More Information
Contributors
Contents
More Information
This research collection compiles key articles on the economics of reputation, starting from the origins of the ideas of asymmetric quality information and reputation, and going through to current articles, including the economics of collective reputation with implications for international trade. This is an ideal research resource for a graduate course in industrial organization or for the economist with interest in reputation issues. It is a useful reference for any economist’s collection.
Contributors
36 articles, dating from 1970 to 2015
Contributors include: G.A. Akerlof, F. Allen, B. Klein, D.M. Kreps, K.B. Leffler, H.E. Leland, P. Nelson, W.P. Rogerson, C. Shapiro, S. Tadelis, J.A. Tirole, R. Wilson
Contributors include: G.A. Akerlof, F. Allen, B. Klein, D.M. Kreps, K.B. Leffler, H.E. Leland, P. Nelson, W.P. Rogerson, C. Shapiro, S. Tadelis, J.A. Tirole, R. Wilson
Contents
Contents:
Acknowledgements
Introduction Jill J. McCluskey and Jason Winfree
1. George A. Akerlof (1970), ‘The Market for “Lemons”: Quality Uncertainty and the Market Mechanism’, Quarterly Journal of Economics, 84 (3), August, 488–500
2. Franklin Allen (1984), ‘Reputation and Product Quality’, RAND Journal of Economics, 15 (3), Autumn, 311–27
3. Heski Bar-Isaac (2007), ‘Something to Prove: Reputation in Teams’, RAND Journal of Economics, 38 (2), Summer, 495–511
4. Simon Board and Moritz Meyer-ter-Vehn (2013), ‘Reputation for Quality’, Econometrica, 81 (6), November, 2381–462
5. Iris Bohnet and Steffen Huck (2004), ‘Repetition and Reputation: Implications for Trust and Trustworthiness When Institutions Change’, American Economic Review: Papers and Proceedings, 94 (2), May, 362–66
6. Gary E. Bolton, Elena Katok and Axel Ockenfels (2005), ‘Cooperation among Strangers with Limited Information about Reputation’, Journal of Public Economics, 89 (8), August, 1457–68
7. Luís M.B. Cabral (2000), ‘Stretching Firm and Brand Reputation’, RAND Journal of Economics, 31 (4), Winter, 658–73
8. Stefano Castriota and Marco Delmastro (2015), ‘The Economics of Collective Reputation: Evidence from the Wine Industry’, American Journal of Agricultural Economics, 97 (2), March, 469–89
9. Shih-Chen Chiang and Robert T. Masson (1988), ‘Domestic Industrial Structure and Export Quality’, International Economic Review, 29 (2), May, 261–70
10. Marco Costanigro, Craig A. Bond and Jill J. McCluskey (2012), ‘Reputation Leaders, Quality Laggards: Incentive Structure in Markets with Both Private and Collective Reputations’, Journal of Agricultural Economics, 63 (2), June, 245–64
11. Marco Costanigro, Jill J. McCluskey and Christopher Goemans (2010), ‘The Economics of Nested Names: Name Specificity, Reputations, and Price Premia’, American Journal of Agricultural Economics, 92 (5), October, 1339–50
12. James D. Dana, Jr. and Yuk-Fai Fong (2011), ‘Product Quality, Reputation, and Market Structure’, International Economic Review, 52 (4), November, 1059–76
13. Shabtai Donnenfeld and Wolfgang Mayer (1987), ‘The Quality of Export Products and Optimal Trade Policy’, International Economic Review, 28 (1), February, 159–74
14. Dirk Engelmann and Urs Fischbacher (2009), ‘Indirect Reciprocity and Strategic Reputation Building in an Experimental Helping Game’, Games and Economic Behavior, 67 (2), November, 399–407
15. Rodney E. Falvey (1989), ‘Trade, Quality Reputations and Commercial Policy’, International Economic Review, 30 (3), August, 607–22
16. Drew Fudenberg and David K. Levine (1989), ‘Reputation and Equilibrium Selection in Games with a Patient Player’, Econometrica, 57 (4), July, 759–78
17. Daniel Houser and John Wooders (2006), ‘Reputation in Auctions: Theory, and Evidence from eBay’, Journal of Economics and Management Strategy, 15 (2), Summer, 353–69
18. Benjamin Klein and Keith B. Leffler (1981), ‘The Role of Market Forces in Assuring Contractual Performance’, Journal of Political Economy, 89 (4), August, 615–41
19. David M. Kreps and Robert Wilson (1982), ‘Reputation and Imperfect Information’, Journal of Economic Theory, 27 (2), August, 253–79
20. Stuart Landon and Constance E. Smith (1998), ‘Quality Expectations, Reputation, and Price’, Southern Economic Journal, 64 (3), January, 628–47
21. Hayne E. Leland (1979), ‘Quacks, Lemons, and Licensing: A Theory of Minimum Quality Standards’, Journal of Political Economy, 87 (6), December, 1328–46
22. Jeffrey A. Livingston (2005), ‘How Valuable Is a Good Reputation? A Sample Selection Model of Internet Auctions’, Review of Economics and Statistics, 87 (3), August, 453–65
23. W. Bentley MacLeod (2007), ‘Reputations, Relationships, and Contract Enforcement’, Journal of Economic Literature, XLV (3), September, 595–628
24. Timothy McQuade, Stephen Salant and Jason Winfree (2012), ‘Regulating an Experience Good Produced in the Formal Sector of a Developing Country when Consumers Cannot Identify Producers’, Review of Development Economics, Special Issue: Informality, Illegality and Enforcement, 16 (4), November, 512–26
25. George J. Mailath and Larry Samuelson (2001), ‘Who Wants a Good Reputation?’, Review of Economic Studies, 68 (2), April, 415–41
26. Mikhail I. Melnik and James Alm (2002), ‘Does a Seller’s eCommerce Reputation Matter? Evidence from eBay Auctions’, Journal of Industrial
Economics, L (3), September, 337–49
27. Paul Milgrom and John Roberts (1982), ‘Predation, Reputation, and Entry Deterrence’, Journal of Economic Theory, 27 (2), August, 280–312
28. Phillip Nelson (1970), ‘Information and Consumer Behavior’, Journal of Political Economy, 78 (2), March–April, 311–29
29. Paul Resnick, Richard Zeckhauser, John Swanson and Kate Lockwood (2006), ‘The Value of Reputation on eBay: A Controlled Experiment’, Experimental Economics, 9 (2), June, 79–101
30. William P. Rogerson (1983), ‘Reputation and Product Quality’, Bell Journal of Economics, 14 (2), Autumn, 508–16
31. Alexander E. Saak (2012), ‘Collective Reputation, Social Norms, and Participation’, American Journal of Agricultural Economics, 94 (3), April,
763–85
32. Carl Shapiro (1982), ‘Consumer Information, Product Quality, and Seller Reputation’, Bell Journal of Economics, 13 (1), Spring, 20–35
33. Carl Shapiro (1983), ‘Premiums for High Quality Products as Returns to Reputations’, Quarterly Journal of Economics, 98 (4), November, 659–79
34. Steven Tadelis (1999), ‘What’s in a Name? Reputation as a Tradeable Asset’, American Economic Review, 89 (3), June, 548–63
35. Jean Tirole (1996), ‘A Theory of Collective Reputations (with Applications to the Persistence of Corruption and to Firm Quality)’, Review of Economic Studies, 63 (1), January, 1–22
36. Jason A. Winfree and Jill J. McCluskey (2005), ‘Collective Reputation and Quality’, American Journal of Agricultural Economics, 87 (1), February, 206–13
Index
Acknowledgements
Introduction Jill J. McCluskey and Jason Winfree
1. George A. Akerlof (1970), ‘The Market for “Lemons”: Quality Uncertainty and the Market Mechanism’, Quarterly Journal of Economics, 84 (3), August, 488–500
2. Franklin Allen (1984), ‘Reputation and Product Quality’, RAND Journal of Economics, 15 (3), Autumn, 311–27
3. Heski Bar-Isaac (2007), ‘Something to Prove: Reputation in Teams’, RAND Journal of Economics, 38 (2), Summer, 495–511
4. Simon Board and Moritz Meyer-ter-Vehn (2013), ‘Reputation for Quality’, Econometrica, 81 (6), November, 2381–462
5. Iris Bohnet and Steffen Huck (2004), ‘Repetition and Reputation: Implications for Trust and Trustworthiness When Institutions Change’, American Economic Review: Papers and Proceedings, 94 (2), May, 362–66
6. Gary E. Bolton, Elena Katok and Axel Ockenfels (2005), ‘Cooperation among Strangers with Limited Information about Reputation’, Journal of Public Economics, 89 (8), August, 1457–68
7. Luís M.B. Cabral (2000), ‘Stretching Firm and Brand Reputation’, RAND Journal of Economics, 31 (4), Winter, 658–73
8. Stefano Castriota and Marco Delmastro (2015), ‘The Economics of Collective Reputation: Evidence from the Wine Industry’, American Journal of Agricultural Economics, 97 (2), March, 469–89
9. Shih-Chen Chiang and Robert T. Masson (1988), ‘Domestic Industrial Structure and Export Quality’, International Economic Review, 29 (2), May, 261–70
10. Marco Costanigro, Craig A. Bond and Jill J. McCluskey (2012), ‘Reputation Leaders, Quality Laggards: Incentive Structure in Markets with Both Private and Collective Reputations’, Journal of Agricultural Economics, 63 (2), June, 245–64
11. Marco Costanigro, Jill J. McCluskey and Christopher Goemans (2010), ‘The Economics of Nested Names: Name Specificity, Reputations, and Price Premia’, American Journal of Agricultural Economics, 92 (5), October, 1339–50
12. James D. Dana, Jr. and Yuk-Fai Fong (2011), ‘Product Quality, Reputation, and Market Structure’, International Economic Review, 52 (4), November, 1059–76
13. Shabtai Donnenfeld and Wolfgang Mayer (1987), ‘The Quality of Export Products and Optimal Trade Policy’, International Economic Review, 28 (1), February, 159–74
14. Dirk Engelmann and Urs Fischbacher (2009), ‘Indirect Reciprocity and Strategic Reputation Building in an Experimental Helping Game’, Games and Economic Behavior, 67 (2), November, 399–407
15. Rodney E. Falvey (1989), ‘Trade, Quality Reputations and Commercial Policy’, International Economic Review, 30 (3), August, 607–22
16. Drew Fudenberg and David K. Levine (1989), ‘Reputation and Equilibrium Selection in Games with a Patient Player’, Econometrica, 57 (4), July, 759–78
17. Daniel Houser and John Wooders (2006), ‘Reputation in Auctions: Theory, and Evidence from eBay’, Journal of Economics and Management Strategy, 15 (2), Summer, 353–69
18. Benjamin Klein and Keith B. Leffler (1981), ‘The Role of Market Forces in Assuring Contractual Performance’, Journal of Political Economy, 89 (4), August, 615–41
19. David M. Kreps and Robert Wilson (1982), ‘Reputation and Imperfect Information’, Journal of Economic Theory, 27 (2), August, 253–79
20. Stuart Landon and Constance E. Smith (1998), ‘Quality Expectations, Reputation, and Price’, Southern Economic Journal, 64 (3), January, 628–47
21. Hayne E. Leland (1979), ‘Quacks, Lemons, and Licensing: A Theory of Minimum Quality Standards’, Journal of Political Economy, 87 (6), December, 1328–46
22. Jeffrey A. Livingston (2005), ‘How Valuable Is a Good Reputation? A Sample Selection Model of Internet Auctions’, Review of Economics and Statistics, 87 (3), August, 453–65
23. W. Bentley MacLeod (2007), ‘Reputations, Relationships, and Contract Enforcement’, Journal of Economic Literature, XLV (3), September, 595–628
24. Timothy McQuade, Stephen Salant and Jason Winfree (2012), ‘Regulating an Experience Good Produced in the Formal Sector of a Developing Country when Consumers Cannot Identify Producers’, Review of Development Economics, Special Issue: Informality, Illegality and Enforcement, 16 (4), November, 512–26
25. George J. Mailath and Larry Samuelson (2001), ‘Who Wants a Good Reputation?’, Review of Economic Studies, 68 (2), April, 415–41
26. Mikhail I. Melnik and James Alm (2002), ‘Does a Seller’s eCommerce Reputation Matter? Evidence from eBay Auctions’, Journal of Industrial
Economics, L (3), September, 337–49
27. Paul Milgrom and John Roberts (1982), ‘Predation, Reputation, and Entry Deterrence’, Journal of Economic Theory, 27 (2), August, 280–312
28. Phillip Nelson (1970), ‘Information and Consumer Behavior’, Journal of Political Economy, 78 (2), March–April, 311–29
29. Paul Resnick, Richard Zeckhauser, John Swanson and Kate Lockwood (2006), ‘The Value of Reputation on eBay: A Controlled Experiment’, Experimental Economics, 9 (2), June, 79–101
30. William P. Rogerson (1983), ‘Reputation and Product Quality’, Bell Journal of Economics, 14 (2), Autumn, 508–16
31. Alexander E. Saak (2012), ‘Collective Reputation, Social Norms, and Participation’, American Journal of Agricultural Economics, 94 (3), April,
763–85
32. Carl Shapiro (1982), ‘Consumer Information, Product Quality, and Seller Reputation’, Bell Journal of Economics, 13 (1), Spring, 20–35
33. Carl Shapiro (1983), ‘Premiums for High Quality Products as Returns to Reputations’, Quarterly Journal of Economics, 98 (4), November, 659–79
34. Steven Tadelis (1999), ‘What’s in a Name? Reputation as a Tradeable Asset’, American Economic Review, 89 (3), June, 548–63
35. Jean Tirole (1996), ‘A Theory of Collective Reputations (with Applications to the Persistence of Corruption and to Firm Quality)’, Review of Economic Studies, 63 (1), January, 1–22
36. Jason A. Winfree and Jill J. McCluskey (2005), ‘Collective Reputation and Quality’, American Journal of Agricultural Economics, 87 (1), February, 206–13
Index