A decentralized model of information pricing in networks

• 成果类型: Article
• 署名作者: Polanski, Arnold
• 署名单位: Queens University Belfast
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2006.09.001
• 发表日期: 2007
• 页码: 497-512
• 关键词: NETWORKS; information goods; Bilateral Bargaining

摘要

We propose a recursive method of pricing an information good in a network of holders and demanders of this good. The prices are determined via a unique equilibrium outcome in a sequence of bilateral bargaining games that are played by connected agents. If the information is a homogenous, non-depreciating pod without network effects, we derive explicit formulae which elucidate the role of the link pattern among the players. Particularly, we find out that the equilibrium price is intimately related to the existence of cycles in the network: it is zero if a cycle covers the trading pair and it is proportional to the direct and indirect utility that the good generates otherwise. (C) 2006 Elsevier Inc. All rights reserved.