The role of market forces in assuring contractual performance¶
Klein, B., & Leffler, K. B. (1981). The role of market forces in assuring contractual performance. Journal of Political Economy, 89(4), 615-641.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Reputation
- Reputation is the aggregated, publicly available record of an agent's past behavior that propagates beyond the parties to the original interactions and governs how third parties treat the agent in future ones, a structure the economics of repeated interaction first made precise when Klein and Leffler (1981) modeled how the present value of a future reputation premium disciplines current quality.
This sourceModels how the present value of a future reputation premium disciplines current quality and supports the hysteresis (slow-to-build, fast-to-lose) character of reputational capital across markets and personal credibility.
- Reputation is the aggregated, publicly available record of an agent's past behavior that propagates beyond the parties to the original interactions and governs how third parties treat the agent in future ones, a structure the economics of repeated interaction first made precise when Klein and Leffler (1981) modeled how the present value of a future reputation premium disciplines current quality.
Verification¶
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