Information Revelation and Certification Intermediaries
研究认证中介如何策略性地揭示卖方信息，发现垄断中介最优只揭示质量是否达标，但能获取大部分剩余；中介竞争则可能导致完全信息揭示。
I discuss the role of intermediaries that search out the information of privately informed parties and then choose what to reveal to uninformed parties. The focus is on the strategic manipulation of information by these certification intermediaries. I show that in a class of environments the optimal choice for a monopoly intermediary is to reveal only whether quality is above some minimal standard. Despite this minimal information transmission, the intermediary can capture a large share of the surplus. I also show that competition among the intermediaries can lead to full information revelation.