Selling Information
نویسندگان
چکیده
We study a buyer-seller problem in which the good is information and there are no property rights. The buyer is reluctant to pay for information whose value he does not know, but the seller cannot credibly reveal this value without disclosing the information itself. Information comes as divisible hard evidence. We show how the seller can appropriate a substantial fraction of the value through gradual revelation, and how the entire value can be extracted with the help of an intermediary.
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