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American Economic Review: Vol. 89 No. 3 (June 1999)
AER Volume. 89, Issue 3 | 
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What's in a Name? Reputation as a Tradeable Asset
Article Citation
Tadelis, Steven. 1999. "What's in a Name? Reputation as a Tradeable Asset."
American Economic Review,
89(3): 548-563.
DOI: 10.1257/aer.89.3.548
DOI: 10.1257/aer.89.3.548
Abstract
The author develops a model in which a firm's only asset is its name, which summarizes its reputation, and studies the forces that cause names to be valuable, tradable assets. An adverse selection model in which shifts of ownership are not observable guarantees an active market for names with either finite or infinite horizons. No equilibrium exists in which only good types buy good names. The reputational dynamics that emerge from the model are more realistic than those in standard game-theoretic reputation models and suggest that adverse selection plays a crucial role in understanding firm reputation.
Article Full-Text Access
Full-text Article
Authors
Tadelis, Steven (Stanford U)
JEL Classifications
L14: Transactional Relationships; Contracts and Reputation; Networks
M21: Business Economics
M31: Marketing
M21: Business Economics
M31: Marketing
