A decision maker is choosing between an active action (e.g., purchase a house, invest certain stock) and a passive action. The payoff of the active action depends on the buyer's private type and also an unknown state of nature. An information seller can design experiments to reveal information about the realized state to the decision maker, and would like to maximize profit from selling such information. We characterize, in closed-form, the revenue-optimal information selling mechanism for the seller. After eliciting the buyer's type, the optimal mechanism charges the buyer an upfront payment and then simply reveals whether the realized state exceeds a certain threshold or not. The optimal mechanism features both price discrimination and information discrimination. The special buyer type who is a-priori indifferent between the active and passive action benefits the most from participating in the mechanism.
翻译:决策人选择主动行动(例如购买房屋、投资某些股票)和被动行动。主动行动的回报取决于买方的私人类型和未知的性质状态。信息卖方可以设计实验,向决策者披露已实现状态的信息,并希望从出售此类信息中获取最大利益。我们以封闭形式描述卖方的收入最佳信息销售机制。在了解买方类型后,最佳机制向买方收取预付款项,然后简单地披露已实现状态是否超过某一阈值。最佳机制既包括价格歧视,也包括信息歧视。在主动行动和被动行动之间处于优先偏差的特殊买方类型从参与该机制中受益最大。