In the first part of this book the author discusses how the uncertainty in beef quality would affect a feedlots profibility and its selling decision. In the second chapter he investigates the best strategy to induce higher effort level by feeder cattle suppliers and feedlot managers in improving the quality of beef when both sides cannot verify each others effort level. A lot of time the quality of a product sold in the market could not be observed by consumers even after the product is consumed. This kind of product is called a "credence good". A credence good producer usually has...