Programs that certify the environmental (or other social) attributes of firms are common. But the proliferation of labeling schemes makes it difficult for consumers to know what each one means – what level of ‘greenness' does a particular label imply? We provide the first model in which...

The diffusion of a new product, whose price is expected to fall progressively, is modelled as a sequence of Wars of Attrition. The likely pattern of diffusion is found to be reasonably consistent with the empirically observed S-shape