monopolistic certifier can be hump-shaped in its reputation for accuracy: a higher accuracy attracts high-quality sellers but … one certifier, competition plays a disciplining role and the region where reputation is bad shrinks. Conversely, this …

Reputation concerns in credit markets restrain borrowers' temptations to take excessive risk. The strength of these …

This paper derives conditions under which reputation enables certifiers to resist capture. These conditions alone have … natural monopoly. 3) Price competition tends to a monopolization. The results derive from a general principle of reputation … efficient market institutions that sell reputation as a service to other firms. …

This paper studies the welfare impact of reputation/feedback systems in markets where both adverse selection and moral … reputation system is implemented, I find that 95 percent of total welfare loss from asymmetric information is eliminated. I also … consider a policy intervention that protects borrowers from accidental loss of reputation. My results suggest that introducing …