题 目：Credible Ratings

报告人：Li Hao (University of Toronto)

主持人：汪淼军　博士

地 点：玉泉校区经济学院418室

时 间：2006年06月12日（星期一）
　　　　下午 14：30－16:30

主办单位：浙江大学经济学院
　　　　　浙江大学民营经济研究中心



　　　　　　　　　欢迎广大师生参加！


“Credible Ratings” (with Ettore Damiano and Wing Suen)

　　This paper considers a model of a rating agency with multiple clients. Ach client has a separate market(end-user of the rating); the only connection among them is that the underlying qualities of the clients are correlated. In the benchmark case of individual rating, the market for each client dose not know the ratings for other clients. In centralized rating, the agency rates all clients together and shares the rating information among all markets. In decentralized rating, the ratings are again shared among all markets, but each client is rated by a self-interested rater of the agency with no access to the quality information of other clients. Both centralized rating and decentralized rating weakly dominate individual rating for the agency. When the underlying qualities are weakly correlated, centralized rating can dominate decentralized rating, but the reverse holds when the qualities are strongly correlated.　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　
　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CRPE秘书处
　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　2006年6月5日

附件：Li Hao简历
　　　Credibe Ratings