Reputation Without Repeated Interaction: A Role for Public Disclosures

Reputation Without Repeated Interaction: A Role for Public Disclosures This paper conductsan experiment to investigate the economic effect of public disclosureswithin a multi-move adaptation of the Prisoner's Dilemma game.The game, which has multiple equilibria, is characterized by:(1) a stochastic endpoint, (2) random, repeated pairings withanonymous partners, and (3) public disclosures concerning thecurrent partner's previous strategies. In the experiment, cooperationis improved by the disclosures. In addition, subjects cooperatemore frequently when encountering a player who has tended tocooperate in the past, and less frequently when encounteringa player who has tended to defect in the past. Delayed disclosureleads to levels of cooperation only slightly less than thoseobtained with timely disclosure. Review of Accounting Studies Springer Journals

Reputation Without Repeated Interaction: A Role for Public Disclosures

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Kluwer Academic Publishers
Copyright © 2000 by Kluwer Academic Publishers
Business and Management; Accounting/Auditing; Corporate Finance; Public Finance
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