on repeated averaging of neighbors' information and Markovian diffusion processes such as the Google random surfer model …

This article deals with the issue of entry into an industry where firms share a collective reputation. First, we show … that free entry is not socially optimal; there is a need for regulation through the imposition of a minimum quality … wisdom, a minimum quality standard should not always be considered as a barrier to entry. …

affinities with conventional profit maximizing firms. To prove this, we compare the entry policies of WEs and conventional firms … when they can decide size at entry while having to stick to it afterwards. Even though short run differences remain, a long … run coincidence appears besides that under certainty. Endogenizing size and time of entry in an uncertain dynamic …