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1、EconomicTheory21,635–651(2003)FirmreputationwithhiddeninformationStevenTadelisDepartmentofEconomics,StanfordUniversity,Stanford,CA94305-6072,USA(e-mailstadelis@stanford.edu)Received:July31,2001;revisedversion:December20,2001Summary.Anadverseselectionmodeloffirmreputat
2、ionisdevelopedinwhichshort-livedclientspurchaseservicesfromfirmsoperatedbyoverlappinggenera-tionsofagents.Afirm’sonlyassetisitsname,orreputation,andtradeofnamesisnotobservedbyclients.Asaresult,namesaretradedinallequilibriaregardlessoftheeconomy’shorizonThegeneralequilib
3、riumanalysislinksthevalueofanametothemarketforservices.Thiscausesanon-monotonicitythatprecludeshighertypesfromsortingthemselvesthroughthemarketfornames,andleadsto“sensi-ble”dynamics:reputations,andnameprices,increaseaftersuccessanddecreaseafterfailure.JELClassification
4、Numbers:D80,L14.KeywordsandPhrases:Reputationasanasset,Tradeofnames,Overlappinggenerations.1IntroductionAfirm’sname,whichsymbolizesitsreputation,isconsideredtobeoneofitsmostvaluableassets.Agoodreputationattractsclients,andoftenleadstohigherpricesandlargerprofitmargins.H
5、owever,bythetimeafirm’sreputationisestablished,theindividualsresponsiblemayhaveleftthefirmandothersmayhavereplacedthem.Thisis,afterall,oneinterestingfeatureoffirms:theseparationofentity(thefirm’sname)fromidentity(theagentsinthefirm).ThispapermodelsandIthankJonLevin,EricMa
6、skinandDrewFudenbergforvaluablediscussions,andHeskiBar-Isaacforcommentsonanearlierdraft.FinancialsupportfromtheNationalScienceFoundation(NSFgrantsSBR-9818981andSES-0079876)isgratefullyacknowledged.Thispaperreplacesanolder(andincomplete)workingpapertitled“Reputationwit
7、hHiddenInformation”.636S.Tadelisinvestigatesthecaseinwhichafirm’snamecanoutlivetheagentswhoestablishedit.Twoparticularquestionsareaddressed:First,whywouldnames,asreputationcarriers,havevalue?Andsecond,canthemarketfornamessortoutmoreableagentswhowouldbewillingtopaymoref
8、orgoodreputations?Mostofthereputationliteratureineconomictheoryfocusesonrepeatedgameswithcompleteorincompleteinformation(see
