Markets for Information: An Introduction
By Dirk Bergemann, Alessandro Bonatti. Annual Review of Economics, 2018
213 citations recorded by the source corpus.
We survey a recent and growing literature on markets for information. We offer a comprehensive view of information markets through an integrated model of consumers, information intermediaries, and firms. The model embeds a large set of applications ranging from sponsored-search advertising to credit scores to information sharing among competitors. We then zoom in to one of the critical elements in the markets for information: the design of the information. We distinguish between ex ante sales of information (the buyer acquires an information structure) and ex post sales (the buyer pays for specific realizations). We relate this distinction to the different products that brokers, advertisers, and publishers use to trade consumer information online. We discuss the endogenous limits to the trade of information that derive from the potential adverse use of information to the consumers. Finally, we discuss recommender systems and other information filtering systems that use artificial intelligence to predict ratings or preferences in markets for indirect information.
Subfields: Management Science and Operations Research, Marketing
View Paper: https://www.semanticscholar.org/paper/f6a57fcc89457c0037f0121b408aa848acbd3e14
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In Management Science and Operations Research
Citations in the corpus
- Open Banking: Credit Market Competition When Borrowers Own the Data (2020, background): “Our paper also contributes to the burgeoning literature on consumer privacy (see, for instance, Acquisti et al., 2016; Bergemann and Bonatti, 2019 , for recent surveys), and is particularly related to work on the impact of letting consumers control their own data.”
- Too Much Data: Prices and Inefficiencies in Data Markets (2019, unknown): “See Acquisti et al. [2016], Bergemann and Bonatti [2019], and Agrawal et al. [2018] for excellent surveys of different aspects of this literature.”