The Value of Reputation in Trade: Evidence from Alibaba
利用阿里巴巴T恤出口数据，研究发现声誉更好的出口商表现显著优于评分相近的同行，声誉价值随信息摩擦和特定性增加而上升，动态模型显示声誉机制使总出口增长20%。
Abstract We examine the role of an online reputation mechanism in international trade by exploring T-shirt exports on Alibaba. Exploiting rich transaction data and features of search and rating algorithms, we show that exporters displaying a superior reputation perform significantly better than peers with nearly identical true ratings and observables, and the value of reputation rises with the level of information friction and the specificity of information. We develop a dynamic reputation model with heterogeneous cross-country information friction to quantify the effect of the reputation mechanism and find a 20% increase in aggregate exports fueled by a market reallocation towards superstars.