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Conference Paper: Reputation and Competition among Information Intermediaries

TitleReputation and Competition among Information Intermediaries
Authors
Issue Date2010
Citation
The 8th Annual International Industrial Organization Conference (IIOC), Vancouver, British Columbia, Canada, 14-16 May 2010 How to Cite?
AbstractThis paper investigates the e§ect of competition on the reputation mechanism in the market for information intermediaries, such as rating agencies. I use a dynamic model to endogenize the value of reputation so as to enable comparison of equilibria under di§erent market structures. In the model, behavior is determined by weighing the current rating fee against the future value the rating agency derives from having a higher reputation. I show that competition worsens the quality of ratings by reducing the value of high reputation but not the short-term gain of cheating.
DescriptionSession 85: Topics in Information
Persistent Identifierhttp://hdl.handle.net/10722/130266

 

DC FieldValueLanguage
dc.contributor.authorLo, Pen_US
dc.date.accessioned2010-12-23T08:48:38Z-
dc.date.available2010-12-23T08:48:38Z-
dc.date.issued2010en_US
dc.identifier.citationThe 8th Annual International Industrial Organization Conference (IIOC), Vancouver, British Columbia, Canada, 14-16 May 2010en_US
dc.identifier.urihttp://hdl.handle.net/10722/130266-
dc.descriptionSession 85: Topics in Information-
dc.description.abstractThis paper investigates the e§ect of competition on the reputation mechanism in the market for information intermediaries, such as rating agencies. I use a dynamic model to endogenize the value of reputation so as to enable comparison of equilibria under di§erent market structures. In the model, behavior is determined by weighing the current rating fee against the future value the rating agency derives from having a higher reputation. I show that competition worsens the quality of ratings by reducing the value of high reputation but not the short-term gain of cheating.-
dc.languageengen_US
dc.relation.ispartofAnnual International Industrial Organization Conference-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleReputation and Competition among Information Intermediariesen_US
dc.typeConference_Paperen_US
dc.identifier.emailLo, P: peiyulo@hkucc.hku.hken_US
dc.identifier.authorityLo, P=rp01080en_US
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros178443en_US

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