An offer you can't refuse: early contracting with endogenous threat
研究了卖方掌握未来交易收益的私人信息时，买方如何通过早期合同要约来区分不同类型卖方，并利用内生威胁获取更大交易收益份额。
A seller has private information on the future gains from trade with a buyer, but the buyer has the option to invest to produce the good internally. Both the buyer and the seller can efficiently trade ex post under complete information. Despite the lack of information, the buyer sometimes gains by making an early contract offer to the seller. The early contract divides the different types of sellers according to their information, which renders the threat of producing the good in‐house credible and enables the buyer to extract a larger share of the gains from trade. Several extensions are investigated.