Collaborative Research: Information and Markets

合作研究：信息与市场

• 批准号: 2049744
• 负责人: Stephen Morris
• 金额: $ 24.57万
• 依托单位: Massachusetts Institute of Technology
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2021
• 资助国家: 美国
• 起止时间: 2021-08-01 至 2024-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=2049744&HistoricalAwards=false
• 关键词: Collaborative; Research; Information; Markets

This project analyzes the impact of information for the structure of markets. The use of information in internet and other markets has been revolutionized in the twenty by developments in technology. Economic institutions are adapting to these changes. At the same time, there have been fundamental improvements in our theoretical understanding of the role of information in the economy, but these new insights are somewhat abstract. Our project brings recent theoretical developments in information economics to bear on key economic questions in the economy. One component of our project addresses the new multi-billion dollar market for internet advertising. Advertisers purchase the right to display advertisements to particular internet users (the display of one advertisement to a particular internet user is known as an "impression". Because internet platforms have detailed information about users, it is possible to target users precisely, i.e., show particular advertisements to internet users with particular characteristics. The market for impressions has become very sophisticated. The research team seeks to understand the gains and losses associated with targeting impressions. This work will be an input into the important policy question of how internet platforms should be regulated. The team's work on the market for impressions will analyze new questions in auction theory. In particular, in the market for impressions, the publisher can use his private information about users to control advertisers' information about the value of particular viewers. Providing more information will increase the efficiency of the allocation. But more information will also reduce competition and give more information rents to the buyer. The team plans to understand the optimal information structure for the publishers and see how the optimal policy translates into selling methods used in practice. A second component of the project will study "Price Discrimination in Competitive Markets". Price discrimination when firms exploit information about consumers to target them with different prices. Price discrimination has been most successfully studied in the context of a monopoly seller. When firms both compete with each other but also price discriminate, the analysis can become intractable. This is a good example of a setting where more insight and tractability can be gained by allowing richer information. The team plans to provide tight bounds on welfare outcomes and price distributions for a given distribution of heterogeneous values of consumers. Finally, they want to improve our understanding of the relation between information and "higher-order beliefs". Higher-order beliefs encode a population's beliefs about the world, their beliefs about others' beliefs and so on. What is the relation between representing information via higher-order beliefs and less structured representations? They will develop the connection, understanding how a many player formalization of "more information" translates into higher-order beliefs and identifying settings where higher-order beliefs can be used to approximate any information structure.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

该项目分析了信息对市场结构的影响。互联网和其他市场中信息的使用已通过技术的发展在二十种彻底改变了。 经济机构正在适应这些变化。同时，我们对信息在经济中的作用的理论理解已经有了基本的改进，但是这些新见解有些抽象。我们的项目带来了信息经济学的最新理论发展，以解决经济中的关键经济问题。我们项目的一个组成部分解决了新的数十亿美元的互联网广告市场。广告商购买了向特定互联网用户展示广告的权利（向特定互联网用户展示一个广告被称为“印象”。因为互联网平台具有有关用户的详细信息，因此可以准确地定位对用户的详细信息，因此，向互联网用户展示特定的广告，即具有特定特征的互联网用户，这些特定特征的印象是非常多地与研究团队相关联的，并且损失了这些障碍。损失的障碍。大幅度的效果。大大的范围。大幅度的工作。大幅度的工作是大大的范围。大幅度的效果。大大的范围。大量的行动。大幅度的行动。大幅度的行动。大幅度的行动。大幅度的行动。大幅度的行动。大量的行动。有关互联网平台的重要问题。该团队计划了解出版商的最佳信息结构，并了解最佳策略如何转化为实践中使用的销售方法。该项目的第二部分将研究“竞争市场中的价格歧视”。当公司利用有关消费者的信息以不同价格将其定位的信息时，价格歧视。 在垄断卖家的背景下，最成功地研究了价格歧视。当企业俩彼此竞争，但价格也歧视时，分析可能会变得棘手。这是一个很好的例子，即通过允许更丰富的信息来获得更多洞察力和障碍。该团队计划为给定的不同消费者价值分布提供有关福利成果和价格分配的紧密界限。 最后，他们想提高我们对信息与“高阶信念”之间关系的理解。高阶信念编码了人口对世界的信念，他们对他人信仰的信念等。通过高阶信念和结构化较少的表示，表示信息之间的关系是什么？ 他们将建立联系，了解许多玩家对“更多信息”的形式化如何转化为高阶信念，并确定可以使用高阶信念来近似任何信息结构的设置。该奖项反映了NSF的法定任务，并被认为是值得通过基金会的知识分子优点和更广泛影响的审查标准来通过评估来获得支持的。

项目成果

Optimal Information Disclosure in Classic Auctions

经典拍卖中的最优信息披露

• DOI: 10.1257/aeri.20210504
• 发表时间: 2022
• 期刊: American Economic Review: Insights
• 作者: Bergemann, Dirk;Heumann, Tibor;Morris, Stephen;Sorokin, Constantine;Winter, Eyal
• 通讯作者: Winter, Eyal