We find that in the presence of transaction costs, pure bundling is not the optimal choice for the firm, neither is the incentive-compatible customized bundling.

• 通过分析我们证明，当存在合同管理成本时，信息商品的纯捆绑合同定价与激励相容的定制捆绑合同定价并不是垄断公司的最优选择；