What's in a Name? Reputation as a Tradeable Asset
建立模型，将公司名称视为其声誉的总结，研究声誉作为可交易资产的价值和交易条件，发现逆向选择在声誉动态中起关键作用。
I develop a model in which a firm's only asset is its name, which summarizes its reputation, and study the forces that cause names to be valuable, tradeable assets. An adverse selection model in which shifts of ownership are not observable guarantees an active market for names with either finite or infinite horizons. No equilibrium exists in which only good types buy good names. The reputational dynamics that emerge from the model are more realistic than those in standard game-theoretic reputation models, and suggest that adverse selection plays a crucial role in understanding firm reputation.