Strategic Certification and Provision of Quality
研究在信息不对称严重时，认证中介如何改善买方对质量的了解，从而激励卖方提供高质量产品，并分析均衡效率与信息揭示程度。
We study the effect of the presence of a certification intermediary in an environment where information asymmetries are particularly severe. The intermediary improves the information that buyers have about quality. This in turn increases the incentives that the seller has to provide high‐quality goods. Efficiency is increased by the presence of the intermediary, but quality is underprovided in equilibrium relative to full information. The intermediary can implement the optimal policy in many ways. The amount of information revealed ranges from full disclosure to partial, noisy disclosure.