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1、RFoundationsandTrendsinMicroeconomicsVol.4,No.4(2008)273–351c2008H.Bar-IsaacandS.TadelisDOI:10.1561/0700000027SellerReputationHeskiBar-Isaac1andStevenTadelis21DepartmentofEconomics,NewYorkUniversity,269MercerStreet,NewYork,NY10003,USA,heski@nyu.edu2WalterAHaasSchoolofBusiness,UniversityofCaliforni
2、a,Berkeley,CA94720,USA,stadelis@haas.berkeley.eduAbstractSellerreputationisanimportantassetbecausebuyersoftenchoosesellersonthebasisoftheirreputation.Thisisparticularlytruewhenthequalityofthegoodorservicetransactedishardtomeasureandthepartiescannotperfectlycontractontheoutcomeofthetransaction.Asacon
3、sequence,thesellerwillbemindfulofbuildingandmaintainingagoodreputationthroughtheinformationthatbuyershaveabouttheseller,includingprevioustransactionsandthereportsofotherbuyers.Weintroduceaunifyingframeworkthatembedsanumberofdiffer-entapproachestosellerreputation,incorporatingbothhiddeninfor-mationand
4、hiddenaction.Weusethisframeworktostressthatthewayinwhichconsumerslearnaffectsbothbehaviorandoutcomes.Inparticular,theextenttowhichinformationisgeneratedandsociallyaggregateddeterminestheefficiencyofmarkets.Afterreviewingthesetheoreticalbuildingblockswediscussseveralapplicationsandempiricalconcerns.Wehi
5、ghlightthattheenvironmentinwhichatransactionisembeddedcanhelpdeterminewhetherthetransactionwilloccurandhowpartieswillbehave.Institutions,rangingfromthedesignofonlinemarketstonormsinacommunity,canbeunderstoodasensuringthatconcernsforreputationleadtomoreefficientoutcomes.Similarly,thedesiretoaffectconsum
6、erbeliefsregardingthefirm’sincentivescanhelpusunderstandstrategicfirmdecisionsthatseemunrelatedtotheparticulartransactionstheywishtopromote.Weconcludebyconsideringslightlydifferentmodelsofreputationthatliebeyondthescopeofourframework,brieflyreviewingthesome-whatsparseempiricalliterature,andhighlightinga
7、ndsuggestingfuturedirectionsforresearch.1IntroductionMosteconomictransactionsaredescribedbyonepartyprocuringgoodsorservicesfromanotherparty,eitherthroughmonetaryexchange,barterorthepromiseoffuturereci
