The Value of Relationships: Evidence from a Supply Shock to Kenyan Rose Exports
研究了肯尼亚玫瑰出口中声誉的重要性，发现缺乏执行机制时贸易量受关系价值约束，关系价值随关系年龄增长，且负面供应冲击下交货量与关系年龄呈倒U型关系。
This paper provides evidence on the importance of reputation in the context of the Kenyan rose export sector. A model of reputation and relational contracting is developed and tested. A seller's reputation is defined by buyer's beliefs about seller's reliability. We show that (i) due to lack of enforcement, the volume of trade is constrained by the value of the relationship; (ii) the value of the relationship increases with the age of the relationship; and (iii) during an exogenous negative supply shock deliveries are an inverted-U shaped function of relationship's age. Models exclusively focusing on enforcement or insurance considerations cannot account for the evidence.