全球智库信息集成服务系统(G2TT): Optimal Ratings and Market Outcomes

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26221
来源ID	Working Paper 26221
	Optimal Ratings and Market Outcomes
	Hugo Hopenhayn; Maryam Saeedi
发表日期	2019-09-09
出版年	2019
语种	英语
摘要	This paper considers the design of an optimal rating system, in a market with adverse selection. We address two critical questions about rating design: First, given a number of categories, what are the criteria for setting the boundaries between them? Second, what are the gains from increasing the number of categories? A rating system helps reallocate sales from lower- to higher-quality producers, thus mitigating the problem of adverse selection. We focus on two main sources of market heterogeneity that determine the extent and effect of this reallocation: the distribution of firm qualities and the responsiveness of sellers' supply to prices. We provide a simple characterization for the optimal rating system as the solution to a standard k-means clustering problem, and discuss its connection to supply elasticity and the skewness of firm qualities. Our results show that a simple two-tier rating can achieve a large share of full information surplus. Additionally, we characterize the conflicting interests of consumers and producers in the design of a rating system.
主题	Microeconomics ; Households and Firms ; Market Structure and Distribution ; Welfare and Collective Choice ; Economics of Information ; Industrial Organization ; Market Structure and Firm Performance
URL	https://www.nber.org/papers/w26221
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/583893
推荐引用方式 GB/T 7714	Hugo Hopenhayn,Maryam Saeedi. Optimal Ratings and Market Outcomes. 2019.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w26221.pdf（980KB）	智库出版物		限制开放	CC BY-NC-SA	浏览