Two-Sided Reputation in Certification Markets
研究了垄断认证机构的声誉如何影响其信息质量：高声誉吸引优质卖家但可能排斥低质卖家，导致认证机构降低信息质量并损害社会福利；竞争的影响取决于卖家是否寻求多重认证。
In a market where sellers solicit certification to overcome asymmetric information, we show that the profit of a monopolistic certifier can be hump-shaped in its reputation for accuracy: a higher accuracy attracts high-quality sellers but sometimes repels low-quality sellers. As a consequence, reputational concerns may induce the certifier to reduce information quality, thus depressing welfare. The entry of a second certifier impacts reputational incentives: when sellers only solicit one certifier, competition plays a disciplining role and the region where reputation is bad shrinks. Conversely, this region may expand when sellers hold multiple certifications. This paper was accepted by Gustavo Manso, finance.