{"title":"Multi-Dimensional Screening: Buyer-Optimal Learning and Informational Robustness","authors":"Rahul Deb, Anne-Katrin Roesler","doi":"10.1093/restud/rdad100","DOIUrl":null,"url":null,"abstract":"Abstract A monopolist seller of multiple goods screens a buyer whose type vector is initially unknown to both but drawn from a commonly known prior distribution. The seller chooses a mechanism to maximize her worst-case profits against all possible signals from which the buyer can learn about his values for the goods. We show that it is robustly optimal for the seller to bundle goods with identical demands (these are goods that can be permuted without changing the buyer’s prior type distribution). Consequently, pure bundling is robustly optimal for exchangeable prior distributions. For exchangeable priors, pure bundling is also optimal for the seller in the information environment (with the reverse timing) where an information designer, with the objective of maximizing consumer surplus, first selects a signal for the buyer, and then the seller chooses an optimal mechanism in response. We derive a formal relationship between the seller’s problem in both information environments.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"72 1","pages":"0"},"PeriodicalIF":5.9000,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Economic Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/restud/rdad100","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Abstract A monopolist seller of multiple goods screens a buyer whose type vector is initially unknown to both but drawn from a commonly known prior distribution. The seller chooses a mechanism to maximize her worst-case profits against all possible signals from which the buyer can learn about his values for the goods. We show that it is robustly optimal for the seller to bundle goods with identical demands (these are goods that can be permuted without changing the buyer’s prior type distribution). Consequently, pure bundling is robustly optimal for exchangeable prior distributions. For exchangeable priors, pure bundling is also optimal for the seller in the information environment (with the reverse timing) where an information designer, with the objective of maximizing consumer surplus, first selects a signal for the buyer, and then the seller chooses an optimal mechanism in response. We derive a formal relationship between the seller’s problem in both information environments.
期刊介绍:
Founded in 1933 by a group of young British and American economists, The Review of Economic Studies aims to encourage research in theoretical and applied economics, especially by young economists. Today it is widely recognised as one of the core top-five economics journals. The Review is essential reading for economists and has a reputation for publishing path-breaking papers in theoretical and applied economics. The Review is committed to continuing to publish strong papers in all areas of economics. The Editors aim to provide an efficient and high-quality review process to the Review''s authors. Where articles are sent out for full review, authors receive careful reports and feedback. Since 1989 The Review has held annual May Meetings to offer young students in economics and finance the chance to present their research to audiences in Europe.