Schaar, Mihaela; Zhang, Simpson - In: Economic Theory 58 (2015) 3, pp. 509-541
reputational forces and certification, and these types of learning often interact with and influence each other. This paper is the … investigate the rich interplay and dynamics that can arise. Our work offers four main insights: (1) Without certification, market … market. (2) Certification “frees” the reputation of agents, allowing good agents to keep working even after an unfortunate …