Product recall data and information on stock price reactions to recalls are used to estimate the value of reputation in a model in which product quality is not contractible. A recall is the result of a product defect that signals low effort. The recall triggers a reduction in the firm’s product price and value, which then both rise steadily until its next defect occurs. We estimate that reputation accounts for 8.3 percent of firm value and that welfare is 26 percent of its first best level. A policy intervention that attains first best is a recall tax accompanied by a flow subsidy. (JEL D22, G32, H25, L25, L62, M31)

中文翻译：

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产品召回和公司声誉

产品召回数据和股票价格对召回的反应信息用于估计产品质量不可收缩的模型中的声誉价值。召回是产品缺陷的结果，表明努力不足。召回触发了公司产品价格和价值的下降，然后两者都稳步上升，直到出现下一个缺陷。我们估计，声誉占公司价值的 8.3%，福利是其第一个最佳水平的 26%。达到最佳效果的政策干预是伴随着流量补贴的召回税。(JEL D22, G32, H25, L25, L62, M31)