Farhi, Emmanuel; Lerner, Josh; Tirole, Jean - In: RAND Journal of Economics 44 (2013) 4, pp. 610-631
type="main" <p>Product quality certifiers may not reveal the identity of unsuccessful applicants/sellers for three reasons. First, they respond to the desire of individual sellers to avoid the stigma from rejection. Second, nontransparency helps a certifier to increase his market power by raising...</p>