Product Recalls and Firm Reputation
利用产品召回数据和股价反应，估计声誉在企业价值中的占比为8.3%，福利仅为最优水平的26%，并提出召回税加补贴的政策可达到最优。
Product recall data and information on stock price reactions to recalls are used to estimate the value of reputation in a model in which product quality is not contractible. A recall is the result of a product defect that signals low effort. The recall triggers a reduction in the firm’s product price and value, which then both rise steadily until its next defect occurs. We estimate that reputation accounts for 8.3 percent of firm value and that welfare is 26 percent of its first best level. A policy intervention that attains first best is a recall tax accompanied by a flow subsidy.