This paper derives conditions under which reputation enables certifiers to resist capture. These conditions alone have … natural monopoly. 3) Price competition tends to a monopolization. The results derive from a general principle of reputation … efficient market institutions that sell reputation as a service to other firms. …

reputation-conscious agents to supply a public good. Each agent chooses how much to contribute based on his own mix of public …

new evidence regarding the roles of borrower reputation, lead arranger reputation and the bank-borrower relationship …. First, lead arranger reputation can reduce information asymmetry but only for the most reputable lead arrangers. Second …, borrower reputation, measured by the borrower’s past access of the loan market, reduces the problem of information asymmetry …

I show how changes in competition affect the power of reputation to induce sellers to exert effort. The impact of …. To guide the empirical analysis, I develop a model of reputation where the relative number of hosts and guests affects … the value of building a reputation through effort. In this framework, more competition depresses hosts' profits and leads …

-lived agent builds trust over time and improves their reputation by keeping the scheme going. …

reputation for honesty. We characterize conditions under which there exists a “two-tier equilibrium” in which “reputable …” auditors refuse bribes offered by clients for fear of losing reputation, while “disreputable” auditors accept bribes because … even persistent refusal does not create a good reputation. The main findings are: (a) honest auditors charge higher fees …

, reputation-based theory of scapegoating, whereby firms differ in their ability to identify the incompetent executives that cause …-ability firm, is an optimal, reputation-saving, value-maximizing strategy if firms care sufficiently about short-term value, which … depends on reputation, and if reputation is sufficiently high to be worth sacrificing a competent executive for. I then …