Measurement Costs and Efficiency of Intermediaries at Market of Credence Goods

Abstract

This work is devoted to the process of formation of the institution of intermediaries in the market of trust goods in a situation where the existing distribution of costs of measuring the quality of goods is inefficient and creates incentives for the manifestation of opportunistic behavior on the part of sellers.  Special attention is paid to the influence of information asymmetry on the structure and value of measurement costs. 
As an example, the market of computer equipment is considered.