When individuals behave as marketing firms: Probability discounting and reputation in peer‐to‐peer markets

Reputation systems in peer‐to‐peer markets can shed light on how individuals who operate in such markets manage both the consumer behavior setting scope and reinforcers, thus behaving similarly to marketing firms. Based upon the probability discounting framework, this paper investigated the influence of reputation on subjective values and willingness to pay. Renting prices of 386 properties listed on Airbnb in two cities in Brazil were analyzed. Results indicated that reputation alone does not generate significant differences in average prices per guest, although it has an indirect effect that enhances the influence of other variables on prices, particularly the number of amenities.