Arm's Length Relationships
证明，委托人获取代理人绩效信息的成本降低，反而可能削弱其威胁承诺的可信度，从而弱化激励效果，产生反作用。该现象在信息质量提升使不重新谈判的承诺更不可信的框架下探讨，并简要应用于企业理论。
We show that lowering the cost of acquisition of information that a principal obtains about the performance of an agent may make it more difficult for the principal to commit to threats. Hence it will weaken incentives and can therefore be counterproductive. This phenomenon is explored in a framework where improving the quality of information makes a commitment not to renegotiate less credible. Applications to the theory of the firm are briefly explored.