We study the endogenous dynamics of reputations in a system consisting of firms with long horizons that provide goods or services with varying levels of quality, and large numbers of customers who assign to them reputations on the basis of the quality levels that they experience when interacting...

In the contemporary e-business, a retailer may display the links to the competing retailers directly (direct referral), or display the referral link provided by a third-party advertising agency (third-party referral), and these referrals may be either one-way or two-way. In this paper, we show...