group's overall welfare (James S. Coleman, 1990). Norms require enforcement with a system of sanctions that penalize … deviations from acceptable behavior (George C. Homans, 1961). Formal sanctions include fines or restrictions implemented by a … legal system or private individuals that impose costs of money and time on the offender. However, informal sanctions such as …

punishment in a social dilemma. Emotional reaction to free-riding incites individuals to apply sanctions when they are available …. The application of sanctions activates a "virtuous emotional circle" that accompanies cooperation. Emotionally aroused …

prenante ou en cas d'appel des décisions de l'AMF. Dans ce dernier cas, les juges confirment majoritairement les sanctions …

I develop a simple dynamic model of reputation-based transactions between a buyer in one country and a supplier in … stricter standard affects the supply of quality goods and indirectly through reputation. I refer to the former effect as the … regulation effect, and to the latter as the reputation effect. I show that, whereas most of the empirical literature has so far …

. These equilibria share some features with the ones of multi-sided reputation models. …