Contracting under adverse selection: Certifiable vs. uncertifiable information

The analysis of adverse selection problems in seller-buyer relationships has typically been based on the assumption that private information is uncertifiable, while practice it may well be certifiable. If a buyer certifiable information, he can conceal evidence, but cannot claim to have for which no so fewer possibilities misrepresent his information. Nevertheless, we find expected total surplus strictly smaller case than uncertifiable This finding holds when with some exogenous probability as opportunistic gathering, where privately decide whether or not acquire strategic reasons.