| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4365 |
| DP4365 Exchange Rates and Fundamentals: Evidence on the Economic Value of Predictability | |
| Abhay Abhyankar; LUCIO SARNO; Giorgio Valente | |
| 发表日期 | 2004-04-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We propose a basic theoretical model of eBay?s reputation mechanism, derive a series of implications and empirically test their validity. Our theoretical model features both adverse selection and moral hazard. We show that when a seller receives a negative rating for the first time his reputation decreases and so does his effort level. This implies a decline in sales and sale price; and an increase in the rate of arrival of subsequent negative feedback. Our model also suggests that sellers with worse records are more likely to exit (and possibly re-enter under a new identity), whereas better sellers have more to gain from ?buying a reputation? by building up a record of favourable feedback through purchases rather than sales. Our empirical evidence, based on a panel dataset of seller feedback histories and cross-sectional data on transaction prices collected from eBay, is broadly consistent will all of these predictions. An important conclusion of our results is that eBay?s reputation system gives way to strategic responses from both buyers and sellers. |
| 主题 | Industrial Organization |
| 关键词 | Moral hazard Quality Reputation Auctions Ebay |
| URL | https://cepr.org/publications/dp4365 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533317 |
| 推荐引用方式 GB/T 7714 | Abhay Abhyankar,LUCIO SARNO,Giorgio Valente. DP4365 Exchange Rates and Fundamentals: Evidence on the Economic Value of Predictability. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
