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Reputation, Certification, Warranties, and Information as Remedies for Seller-Buyer Information Asymmetries: Lessons from the Online Comic Book Market

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Author Info

  • Micha�l Dewally

    (Marquette University)

  • Louis Ederington

    (University of Oklahoma)

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    Abstract

    Signaling strategies that sellers of higher-quality products or securities employ to differentiate their products include (1) development of a reputation for quality, (2) third-party certification, (3) warranties, and (4) information disclosure. These signaling strategies are compared using data from the online auction market for classic comic books. This market's advantages include that (1) the information asymmetry is substantial, (2) good measures of reputation are available, and (3) all four signals are common. We explore which signals are strongest and why, which are substitutes or complements, and how choice among the other three strategies depends on the reputation of the seller.

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    File URL: http://www.journals.uchicago.edu/cgi-bin/resolve?JB790209
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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Business.

    Volume (Year): 79 (2006)
    Issue (Month): 2 (March)
    Pages: 693-730

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    Handle: RePEc:ucp:jnlbus:v:79:y:2006:i:2:p:693-730

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    Web page: http://www.journals.uchicago.edu/JB/

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    Cited by:
    1. Gary E. Bolton & Ben Greiner & Axel Ockenfels, 2009. "Engineering Trust - Reciprocity in the Production of Reputation Information," Discussion Papers 2009-02, School of Economics, The University of New South Wales.
    2. John Wyburn & Paul Roach, 2012. "An hedonic analysis of American collectable comic-book prices," Journal of Cultural Economics, Springer, vol. 36(4), pages 309-326, November.
    3. Reuber, A. Rebecca & Fischer, Eileen, 2011. "International entrepreneurship in internet-enabled markets," Journal of Business Venturing, Elsevier, vol. 26(6), pages 660-679.
    4. Clerides, Sofronis & Nearchou, Paris & Pashardes, Panos, 2008. "Intermediaries as quality assessors: Tour operators in the travel industry," International Journal of Industrial Organization, Elsevier, vol. 26(1), pages 372-392, January.
    5. Yamamura, Eiji, 2013. "The effect of young children on their parents’ anime viewing habits: Evidence from Japanese micro data," MPRA Paper 49465, University Library of Munich, Germany.
    6. Yamamura, Eiji, 2013. "Externality of young children on parents’ watching of anime: Evidence from Japanese micro data," MPRA Paper 46878, University Library of Munich, Germany.
    7. Vandana Ramachandran & Siva Viswanathan & Sanjay Gosain, 2007. "The Impact of Online Information on the Purchase of Certified Used Cars," Working Papers 07-37, NET Institute.
    8. Liu, Kang Ernest & Shiu, Ji-Liang & Sun, Chia-Hung, 2013. "How different are consumers in Internet auction markets? Evidence from Japan and Taiwan," Japan and the World Economy, Elsevier, vol. 28(C), pages 1-12.

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