Consider a buyer and a seller who have agreed to trade an intermediate good. It is ex-post efficient to adapt the good to the prevailing state of the world. The seller has private information about the costs of adapting the good. In the case of non-integration, the buyer has no possibility to verify claims that the seller makes about her costs. In the case of vertical integration, the buyer can verify evidence about the costs that the seller might be able to provide. Even though we assume no further differences between the ownership structures, it turns out that the parties may prefer non-integration.

中文翻译：

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在垂直整合可以减轻信息不对称的情况下实现外包的最优性

考虑同意买卖中间商品的买方和卖方。使商品适应当前的世界状况是事后有效的。卖方拥有有关商品适应成本的私人信息。在不整合的情况下，买方无法验证卖方关于其成本的主张。在纵向整合的情况下，买方可以验证有关卖方可能提供的成本的证据。即使我们假设所有权结构之间没有进一步的差异，但事实证明，当事方可能更喜欢非一体化。