AI 中文总结
本文构建契约模型，研究消费者认知投入与企业剥削深度-广度权衡的互动，发现内生认知可使原本有利的政策适得其反。
AI 中文摘要
消费者可以投入资源来理解和避免自身的行为错误，而他们这样做的激励取决于保持天真状态的市场后果。我们将消费者认知状态与市场结果之间的这种反馈纳入一个一般性的契约模型。企业面临剥削深度与广度之间的权衡：更深的剥削提高了从天真消费者身上获得的利润，但会诱发更多的认知投资，促进消费者变得老练，从而缩小可被剥削的消费者基础。这种权衡约束了剥削行为，并可能导致在认知固定时有利于消费者的政策在认知内生时适得其反。
英文摘要
Consumers can invest resources to understand and avoid their behavioral mistakes, and their incentives to do so depend on the market consequences of remaining naive. We incorporate this feedback between consumers' cognitive states and market outcomes into a general contracting model. Firms face a trade-off between the depth and reach of exploitation: deeper exploitation raises profit from a naive consumer but induces greater cognitive investment, promoting sophistication and shrinking the exploitable consumer base. This trade-off disciplines exploitation and can cause policies that benefit consumers when cognition is fixed to backfire when cognition is endogenous.
