, Note: The 95% profile-likelihood confidence intervals appear in brackets

G. A. Akerlof, The Market for "Lemons": Quality Uncertainty and the Market Mechanism, Quarterly Journal of Economics, vol.84, issue.3, pp.488-500, 1970.

J. Aldridge and D. Décary-hétu, Hidden Wholesale: The Drug Diffusing Capacity of Online Drug Cryptomarkets, International Journal of Drug Policy, vol.35, pp.7-15, 2016.

M. Anderson and J. Magruder, Learning From the Crowd: Regression Discontinuity Estimates of the Effects of an Online Review Database, Economic Journal, vol.122, issue.563, pp.997-989, 2012.

S. Ba and P. A. Pavlou, Evidence of the Effect of Trust Building Technology in Electronic Markets: Price Premiums and Buyer Behavior, MIS Quarterly, vol.26, issue.3, pp.243-268, 2002.

P. Bajari and A. Hortaçsu, Economic Insights from Internet Auctions, Journal of Economic Literature, vol.42, issue.2, pp.457-486, 2004.

M. J. Barratt, J. A. Ferris, and A. R. Winstock, Use of Silk Road, the Online Drug Marketplace, in the United Kingdom, Australia and the United States, Addiction, vol.109, pp.774-783, 2013.

M. J. Barratt, J. A. Ferris, and A. R. Winstock, Safer Scoring? Cryptomarkets, Social Supply and Drug Market Violence, International Journal of Drug Policy, vol.35, pp.24-31, 2016.

L. Cabral and A. Hortacsu, The Dynamics of Seller Reputation: Evidence from eBay, Journal of Industrial Economics, vol.58, issue.1, pp.54-78, 2010.

C. Dellarocas, M. Fan, and C. A. Wood, Self-interest, Reciprocity, and Participation in Online Reputation Systems, 2004.

C. Dellarocas and C. A. Wood, The Sound of Silence in Online Feedback: Estimating Trading Risks in the Presence of Reporting Bias, Management Science, vol.54, issue.3, pp.460-476, 2008.

A. Gelman and J. Hill, Data analysis using regression and multilevel/hierarchical models, 2006.

R. A. Hardy and J. R. Norgaard, Reputation in the Internet Black Market: An Empirical and Theoretical Analysis of the Deep Web, Journal of Institutional Economics, vol.12, issue.3, pp.515-539, 2016.

D. Houser and J. Wooders, Reputation in Auctions: Theory, and Evidence from eBay, Journal of Economics & Management Strategy, vol.15, issue.2, pp.353-369, 2006.

I. Ladegaard, Instantly Hooked? Freebies and Samples of Opioids, Cannabis, MDMA, and Other Drugs in an Illicit E-Commerce Market, Journal of Drug Issues, vol.48, issue.2, pp.226-245, 2018.

I. Ladegaard, We Know Where You Are, What You Are Doing and We will Catch You: Testing Deterrence Theory in Digital Drug Markets, British Journal of Criminology, vol.58, issue.2, pp.414-433, 2018.

B. Macleod, Reputations, Relationships, and Contract Enforcement, Journal of Economic Literature, vol.45, pp.595-628, 2007.

J. Martin, Lost on the Silk Road: Online Drug Distribution and the 'Cryptomarket, Criminology and Criminal Justice, vol.14, issue.3, pp.351-367, 2014.

M. Melnik and J. Alm, Does a Seller's Ecommerce Reputation Matter? Evidence from eBay Auctions, Journal of Industrial Economics, vol.50, issue.3, pp.337-349, 2002.

G. Ridgeway and B. Kilmer, Bayesian Inference for the Distribution of Grams of Marijuana in a, Joint. Drug and Alcohol Dependence, vol.165, pp.175-180, 2016.

C. Shapiro, Premiums for high quality products as returns to reputations, Quarterly Journal of Economics, vol.98, issue.4, pp.659-679, 1983.

M. Tzanetakis, G. Kamphausen, B. Werse, and R. Laufenberg, The Transparency Paradox. Building Trust, Resolving Disputes and Optimising Logistics on Conventional and Online Drugs Markets, International Journal of Drug Policy, vol.35, pp.58-68, 2016.