The Dynamics of Verification when Searching for Quality
研究了委托人通过付费验证项目质量来筛选最优项目的动态机制，刻画了验证成本和时间跨度如何影响最优选择规则和验证时机。
Abstract An agent samples projects over time, observing quality for each, while a principal can select at most one. The principal values quality, whereas the agent only wants a project chosen. Transfers are unavailable, but the principal can verify quality by paying a cost. We fully characterize the dynamics of verification by determining optimal mechanisms for this problem. With a low verification cost and a long horizon, the optimal mechanism involves a deterministic selection rule that initially discriminates on quality but chooses a project irrespective of its quality at a deadline. Verification occurs with an intermediate probability before the deadline, declining over time. We show how these conclusions change if the verification cost is high or the horizon is short, and under certain forms of imperfect commitment. Our analysis provides guidelines on how dynamics interact with the benefits of verification.