{"title":"Reselling information","authors":"","doi":"10.1016/j.geb.2024.08.015","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":48291,"journal":{"name":"Games and Economic Behavior","volume":null,"pages":null},"PeriodicalIF":1.0000,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Games and Economic Behavior","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0899825624001209","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
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.
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
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