acts as an intermediary between the seller and the buyers. The mechanism does not publish the history of past ratings. Instead, it keeps track of discrepancies between past seller quality announcements and corresponding buyer feedback, and then punishes or rewards the seller by “distorting” the seller’s subsequent quality announcements, so as to compensate for whatever “unfair” gains or losses he has realized by misrepresenting the quality of his items. If consumers are risk averse, at equilibrium this induces the seller to truthfully announce quality throughout the infinite version of the game.