Reputation and Efficiency: Information Design
研究评级系统如何通过向消费者提供信息，激励有耐心的胜任企业持续提供高质量，从而实现几乎全部交易的高效率，并刻画了这类系统存在的条件。
A firm trades with a sequence of consumers who are unsure about the firm's competence and its effort to supply quality. I examine rating systems that sustain efficient outcomes in virtually all trades by providing consumers with information to motivate a patient-competent firm's effort. I characterize necessary and sufficient conditions for these systems to exist. I show that any such system censors the firm's track records, and explicitly construct one such system. This system reveals that the firm has produced consecutively many good outputs whenever this happens and hides all information otherwise.