they produce. The result is consistent with consumers using the information of a recall
to update their expectations about the safety of similar toys produced by the same man-
ufacturer and suggests recalls impose significant costs on producers. The recalls do not
appear to affect the sales of other toys produced by the same manufacturer. Consumers
either do not believe that the recall provides new information about the safety of unre-
lated toys or because of the prevalence of licensing and branding in the industry, they
do not realize that these other toys are produced by the same manufacturer. Recalls ...
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