Yes according to Frank P. Ramsey and Richard Zeckhauser.
Ebay is the new model under a proposed Harvard study seeking funding on reputation economics.
A previous study using 13 million pages of Ebay data shows that the reputation system was employed. It also showed that 99% of feedback was positive.
Harvard proffessors say "These electronic markets must be understood. They are going to become much more a part of our lives,"
[Article here via boingboing]