Moral hazard, vertical integration, and public monitoring in credence goods
研究了在消费者无法验证产品质量的信任品市场中，纵向整合如何应对道德风险问题，并指出公共监督可能阻止因节省监督成本而进行的纵向整合。
Moral hazard is a problem in markets where the qualities or characteristics of products cannot be verified with certainty by consumers. Here we demonstrate that vertical integration is one possible way of dealing with such problems. When the saving of monitoring costs is the driving force behind vertical integration, public monitoring freely available to the market may prevent vertical integration. Copyright 2002, Oxford University Press.