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2010-01-20Buch DOI: 10.18452/4235
Two-sided Certification
The market for Rating Agencies
Fasten, Erik R.
Hofmann, Dirk
Certifiers contribute to the sound functioning of markets by reducing asymmetric information. They, however, have been heavily criticized during the 2008-09 financial crisis. This paper investigates on which side of the market a monopolistic profit-maximizing certifier offers his service. If the seller demands a rating, the certifier announces the product quality publicly, whereas if the buyer requests a rating it remains his private information. The model shows that the certifier offers his service to sellers and buyers to maximize his own profit with a higher share from the sellers. Overall, certifiers increase welfare in specific markets. Revenue shifts due to the financial crisis are also explained.
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DOI
10.18452/4235
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https://doi.org/10.18452/4235
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