We investigate the impact of self-organized reputation versus certification by an independent institution on demand for … independent institution increase demand more than feedback-based reputation. This result is important for markets where the market …

want to develop a reputation as a commitment type by mimicking the commitment type's actions But the uninformed player … rational player does not benefit from developing a reputation In the case of equally patient players I show that the folk … Thomas (1993) argue that reputation effects can rule out outcomes permitted by the folk theorem regardless of how small the …

of privately known competence, who cares about his reputation, chooses the timing of the forecast regarding the outcome …. Further, any report hurts the forecaster's reputation in the short run, with later reports incurring larger penalties. The … reputation of a silent forecaster, on the other hand, gradually improves over time. …