Price and Quality Cycles for Experience Goods
构建了一个动态竞争模型，研究体验品市场中企业先以低价提供高质量、再高价高质量、最后高价低质量的均衡周期，消费者明知企业会消耗声誉仍理性等待直接证据。
We explore a dynamic, competitive model for experience goods and study an equilibrium for it in which firms plan initially to produce high quality at low price, then high quality at high price, then low quality at high price. Each consumer is aware that all firms eventually intend to run down their reputations at customers' expense, yet he rationally chooses to wait for direct evidence that the firm to which he is attached has already entered into the exploitative phase.