1.-Explain the role of “reputation” in pre-market trade. Why, that is under those conditions, does “reputation” matter in present economies (use examples wherever you can).


Reputation system:contexts, issues and solutions

When I was reading this question what first came to my mind was an episode I had just seen of a comedy TV series called ‘’The Office’’, which depicts the everydaylives of office employees in the Scranton, Pennsylvania, branch of the fictional Dunder Mifflin Paper Company; so in this episode the Dunder Mifflin Paper Company was setting a new policy to everybranch of the company about modernization and the use of technology, for example, the creation of a website and its usage for making deals with clients. So what happens is that the co-manager of theScranton branch is against the incorporation of these new technologies and strongly opposed to sell and making deals through the Internet with its clients, he believed that there was nothing better thanpersonal treatment to close deals. So he tries to prove his point by visiting old clients of the branch with the purpose of gaining them back with the ‘’good old fashioned way’’, personal contact.Surprisingly for him, his old clients said that they were not interested in making any deals with his branch because since they did not have a website it was more expensive to seal the deals personallythan via the Internet. Even though this was on a TV show, it actually happens in reality, so it is important to consider not only the role of reputation and personal treatment in the pre-market tradebut how this type of social relationships can affect modern economy and in what contexts are they useful, considering the vast presence of anonymous markets in present economics.

First it isnecessary under what certain conditions and contexts does reputation actually matters. It is very difficult to create an economic organization based on reputation and trustiness in a context where there... [continua]

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