THE DYNAMICS OF SELLER REPUTATION: EVIDENCE FROM EBAY*
通过分析eBay卖家历史数据，发现首次差评使周销售额从正5%降至负8%，后续差评影响较小，且低声誉卖家更易退出市场。
We construct a panel of eBay seller histories and examine the importance of eBay's reputation mechanism. We find that, when a seller first receives negative feedback, his weekly sales rate drops from a positive 5% to a negative 8%; subsequent negative feedback ratings arrive 25% more rapidly than the first one and don't have nearly as much impact as the first one. We also find that a seller is more likely to exit the lower his reputation is; and that, just before exiting, sellers receive more negative feedback than their lifetime average.