A Reputational Theory of Firm Dynamics
研究了生产未知质量产品的企业生命周期，企业通过投资管理质量，消费者通过公开突破了解质量，最优投资取决于声誉和自信，并随突破后时间呈单峰变化。
We study the life cycle of a firm that produces a good of unknown quality. The firm manages its quality by investing while consumers learn via public breakthroughs; if the firm fails to generate such breakthroughs, its revenue falls and it eventually exits. Optimal investment depends on the firm’s reputation (the market’s belief about its quality) and self-esteem (the firm’s own belief about its quality), and is single-peaked in the time since a breakthrough. We derive predictions about the distribution of revenue and propose a method to decompose the impact of policy changes into investment and selection effects.