Market Transparency, Adverse Selection, and Moral Hazard
研究eBay提高市场透明度（通过减少买家评分中的策略性偏差）如何影响卖家退出和现有卖家行为，发现卖家更倾向于改善行为而非退出，从而提升市场绩效。
We study how seller exit and continuing sellers’ behavior on eBay are affected by an improvement \nin market transparency. The improvement was achieved by reducing strategic bias in \nbuyer ratings. It led to a significant increase in buyer satisfaction with seller performance, \nbut not to an increase in seller exit. When sellers had the choice between exiting—a reduction in adverse selection—and improving behavior—a reduction in moral hazard—, they \npreferred the latter because of lower cost. Increasing market transparency improved market \noutcomes.