Fontini, Fulvio; Millock, Katrin; Moretto, Michele - HAL - 2013
In many cases consumers cannot observe firms' investment in quality or safety, but have only beliefs on the average … quality of the industry. In addition, the outcome of the collective investment game of the firms may be stochastic since firms … consumers' subjective perceptions of the industry level of quality matters, the regulator may make information available to …