How to Sell No Information (Job Talk)

We study a monopolistic certifier who designs a menu of tests and fees to maximize the
profit she can guarantee across equilibria. An uninformed agent seeking to sell an asset
can covertly purchase a test, which the certifier then performs. The supremum of robust
profit equals the cumulative entropy of the asset-value distribution and increases with
its dispersion. Yet along any asymptotically optimal sequence of menus, the information
generated on path vanishes. The supremum can be approached by pass-only threshold
menus with a unique equilibrium purchase outcome, in which the test purchased in
equilibrium becomes asymptotically uninformative.