转售信息

IF 1 3区经济学 Q3 ECONOMICS

Games and Economic Behavior Pub Date : 2024-09-05 DOI:10.1016/j.geb.2024.08.015

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引用次数: 0

摘要

信息可以同时被消费、复制和出售给他人。我们研究转售如何影响分散的信息市场。即使初始卖方是一个信息垄断者，在任何马尔可夫均衡中，她也最多只能从一个买方那里获得微不足道的租金：在频繁出价的极限中，一旦一个买方购买了信息，她的收益就会趋近于 0。与此相反，存在一种非马尔可夫的 "预付均衡"，即在出售信息之前就从大多数买方那里榨取报酬。这种预付均衡利用了买方转售信息的能力，使卖方获得（大致）与禁止转售时相同的报酬。

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Reselling information

Information can be simultaneously consumed, replicated, and sold to others. We study how resale affects a decentralized market for information. Even if the initial seller is an informational monopolist, she captures non-trivial rents from at most a single buyer in any Markovian equilibrium: in the frequent-offer limit, her payoffs converge to 0 once a single buyer buys information. By contrast, there exists a non-Markovian “prepay equilibrium” where payment is extracted from most buyers before information is sold. This prepay equilibrium exploits buyers' ability to resell information and results in the seller achieving (approximately) the same payoff that she would were resale prohibited.

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来源期刊

Games and Economic Behavior ECONOMICS-

CiteScore

1.90

自引率

9.10%

发文量

148

期刊介绍： Games and Economic Behavior facilitates cross-fertilization between theories and applications of game theoretic reasoning. It consistently attracts the best quality and most creative papers in interdisciplinary studies within the social, biological, and mathematical sciences. Most readers recognize it as the leading journal in game theory. Research Areas Include: • Game theory • Economics • Political science • Biology • Computer science • Mathematics • Psychology