Consumers' demand for operational licencing: evidence from Airbnb in Paris
利用巴黎Airbnb强制披露注册号的政策，研究发现合法运营的房源评论量比非法房源高出约10%，且效果随时间增强，表明披露法律状态有助于监管执行。
Since July 2021, Airbnb discloses whether listings in Paris hold a mandatory registration number to legally operate. Grounded on information asymmetries and moral hazard theories, this paper studies consumers' preferences for certifications of legality and minimum quality standards. We exploit the staggered disclosure of licences over time to evaluate the change in demand (reviews) compared to those that continue offering their properties without the licence. Event study and difference-in-differences estimates indicate that reviews for registered hosts increased by around 10 % relative to illegal operators. The effects are increasing over time as the licence becomes more salient to consumers. Our findings suggest that the disclosure of hosts' legal status is an effective mechanism to improve the enforcement of peer-to-peer markets regulation.