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  1. Social learning and strategic pricing with rating systems
    Autor*in: Chen, Chia-hui; Chen, Kong-pin; Ishida, Junichiro
    Erschienen: March 2023
    Verlag:  The Institute of Social and Economic Research, Osaka University, Osaka, Japan

    Despite widespread use in online transactions, rating systems only provide summary statistics of buyers' diverse opinions at best. To investigate the consequences of this coarse form of information aggregation, we consider a dynamic lemons market in... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 198
    Fernleihe:
    keine Fernleihe

     

    Despite widespread use in online transactions, rating systems only provide summary statistics of buyers' diverse opinions at best. To investigate the consequences of this coarse form of information aggregation, we consider a dynamic lemons market in which buyers share their evaluations anonymously through a rating system. When the buyers have diverse preferences, the value of a good rating depends endogenously on the seller's pricing strategy, which in turn creates complicated dynamic interactions and results in stochastic price fluctuations. Occasional flash sales induced by the rating system yield a non-trivial welfare effect that stands in sharp contrast to standard adverse selection models: all buyers are weakly better off with information asymmetry than without. Incentivizing buyers to leave ratings may backfire by exacerbating the seller's strategic pricing incentives.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Discussion paper / The Institute of Social and Economic Research ; no. 1203
    Schlagworte: online platform; rating system; anonymity; preference diversity; price fluctuation; dynamic adverse selection
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. Search costs and the severity of adverse selection
    Autor*in: Palazzo, Francesco
    Erschienen: [2016]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 450 (1073)
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
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    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1073 (July 2016)
    Schlagworte: dynamic adverse selection; decentralized markets; search theory; time on market observability
    Umfang: 1 Online-Ressource (circa 66 Seiten), Illustrationen