Information Reliability and a Theory of Financial Intermediation
分析信息生产者在何种情况下会结成联盟，指出当信息不对称且信息不可靠时，金融中介能提升福利，无需依赖交易成本解释。
This paper is an analysis of when it will be beneficial for agents engaged in the production of information to form coalitions. The model is cast in a financial market framework, thus leading to an identification of conditions sufficient for the existence of financial intermediaries. Intermediation is shown to improve welfare if informational asymmetries are present, and the information generated to rectify these asymmetries is potentially unreliable. The usual appeal to transactions costs to explain intermediation is not needed.