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This paper studies reputation in the online market for illegal drugs in which no legal institutions exist to alleviate uncertainty. Trade takes place on platforms that offer rating systems for sellers, thereby providing an observable measure of reputation. The analysis exploits the fact that one of the two dominant platforms unexpectedly disappeared. Re-entering sellers reset their rating. The results show that on average prices decreased by up to 9% and that a 1% increase in rating causes a price increase of 1%. Ratings and prices recover after about three months. We calculate that identified good types earn 1,650 USD more per week.
Entrepreneurship is often touted for its ability to generate economic growth. Through the creative-destructive process, entrepreneurs are often able to innovate and outperform incumbent organizations, all of which is supposed to lead to higher employ
Regulation is commonly viewed as a hindrance to entrepreneurship, but heterogeneity in the effects of regulation is rarely explored. We focus on regional variation in the effects of national-level regulations by developing a theory of hierarchical in
The Cooperation Council for the Arab States of the Gulf (GCC) is generally regarded as a success story for economic integration in Arab countries. The idea of regional integration gained ground by signing the GCC Charter. It envisioned a closer econo
A new and rapidly growing econometric literature is making advances in the problem of using machine learning methods for causal inference questions. Yet, the empirical economics literature has not started to fully exploit the strengths of these moder
The transition to a low-carbon economy is one of the ambitions of the European Union for 2030. Biobased industries play an essential role in this transition. However, there has been an on-going discussion about the actual benefit of using biomass to