This thesis is comprised of three pieces of research on moral hazard, reputation and market structure. In particular, following an opening discussion of previous literature, I explore the dynamic interaction between moral hazard and market structure in two distinct game theoretic settings and...

I investigate the dynamic effect of moral hazard on market structure in a general framework. In this model the evolution of market structure determines the severity of moral hazard and, in turn, moral hazard fuels market structure dynamics through a survival contest. In the absence of scale...

Credit rating agencies originally emerged as private companies offering investors considered opinions on the credit quality of borrowers. But while they continue to perform this function, their role has expanded over time. Credit ratings are now heavily hardwired into financial contracts,...