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Saints and Markets: Activists and the Supply of Credence Goods

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Author Info
Timothy J. Feddersen
Thomas W. Gilligan
Abstract

This paper contains a theoretical exploration of the potential effects of an information-supplying activist on a market for credence goods. Using a non-cooperative game-theoretic model with incomplete information, we find that such an activist can alter the decisions of firms and consumers and enhance the social welfare of market exchange. We also find that an activist can support equilibria in which firms differentiate their products on some credence characteristic even though this characteristic remains unknown to the consumer both prior and subsequent to consumption. In general, our analysis has several implications for the study of private collective action in markets. Copyright (c) 2001 Massachusetts Institute of Technology.

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Article provided by Blackwell Publishing in its journal Journal of Economics & Management Strategy.

Volume (Year): 10 (2001)
Issue (Month): 1 (03)
Pages: 149-171
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Handle: RePEc:bla:jemstr:v:10:y:2001:i:1:p:149-171

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  2. Baron, David P. & Diermeier, Daniel, 2005. "Strategic Activism and Nonmarket Strategy," Research Papers 1909, Stanford University, Graduate School of Business. [Downloadable!]
  3. Liu, Ting, 2006. "Credence Goods Markets with Conscientious and Selfish Experts," MPRA Paper 1106, University Library of Munich, Germany. [Downloadable!]
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  4. Baron, David P., 2006. "Managerial Contracting and Corporate Social Responsibility," Research Papers 1945, Stanford University, Graduate School of Business. [Downloadable!]
  5. Giovanni Cespa & Giacinta Cestone, 2007. "Corporate Social Responsibility and Managerial Entrenchment," CSEF Working Papers 173, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy. [Downloadable!]
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  6. Alexander E. Saak, 2002. "Identity Preservation and False Labeling in the Food Supply Chain," Center for Agricultural and Rural Development (CARD) Publications 02-wp295, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
  7. Baron, David P. & Harjoto, Maretno A. & Jo, Hoje, 2008. "The Economics and Politics of Corporate Social Performance," Research Papers 1993, Stanford University, Graduate School of Business. [Downloadable!]
  8. Baron, David P., 2001. "Private Politics," Research Papers 1689, Stanford University, Graduate School of Business. [Downloadable!]
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  10. Anthony Heyes and John Maxwell, 2003. "Private vs. Public Regulation: Political Economy of the International Environment," Royal Holloway, University of London: Discussion Papers in Economics 03/5, Department of Economics, Royal Holloway University of London, revised Dec 2003. [Downloadable!]
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  11. Miguel Carriquiry & Bruce A. Babcock & Roxana Carbone, 2003. "Optimal Quality Assurance Systems for Agricultural Outputs," Center for Agricultural and Rural Development (CARD) Publications 03-wp328, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
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  12. Peter Rodriguez & Donald S. Siegel & Amy Hillman & Lorraine Eden, 2006. "Three Lenses on the Multinational Enterprise: Politics, Corruption and Corporate Social Responsibility," Rensselaer Working Papers in Economics 0608, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
  13. Allard Made & Lambert Schoonbeek, 2009. "Entry Facilitation by Environmental Groups," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 43(4), pages 457-472, August. [Downloadable!] (restricted)
  14. Anania, Giovanni & Nistico, Rosanna, 2003. "Public Regulation As A Substitute For Trust In Quality Food Markets. What If The Trust Substitute Cannot Be Fully Trusted?," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25924, International Association of Agricultural Economists. [Downloadable!]
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  15. Thomas P. Lyon & John W. Maxwell, 2006. "Greenwash: Corporate Environmental Disclosure under Threat of Audit," Working Papers 2006-07, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
  16. Abagail McWilliams & Donald S. Siegel & Patrick M. Wright, 2005. "Corporate Social Responsibility: Strategic Implications," Rensselaer Working Papers in Economics 0506, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
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  17. Saak, Alexander E., 2002. "Identity Preservation and False Labeling in the Food Supply Chain," Staff General Research Papers 2062, Iowa State University, Department of Economics. [Downloadable!]
  18. Aleix Calveras & Juan José Ganuza & Gerard Llobet, 2005. "Regulation and Opportunism: How Much Activism Do We Need?," Economics Working Papers 935, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  19. Donald S. Siegel & Donald F. Vitaliano, 2006. "An Empirical Analysis of the Strategic Use of Corporate Social Responsibility," Rensselaer Working Papers in Economics 0602, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
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  20. Heijnen, P., 2007. "Informative advertising by an environmental group," CeNDEF Working Papers 07-02, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance. [Downloadable!]
  21. David P. Baron & Daniel Diermeier, 2007. "Strategic Activism and Nonmarket Strategy," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 16(3), pages 599-634, 09. [Downloadable!] (restricted)
  22. Thomas P. Lyon & John W. Maxwell, 2007. "Corporate Social Responsibility and the Environment: A Theoretical Perspective," Working Papers 2007-16, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
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