熟悉视角的代价

中文摘要 AI 辅助

读者不仅从媒体来源中学习，还学习如何阅读它。我们探讨当订阅者续订时，这种特定于来源的解释性资本如何定价，以及跨来源可转移的透明度是否不同于与过去消费相关的反馈。在高斯模型中，熟悉度以递减的速率提高未来报告的价值，并且在中等来源专业度时最为重要。在继承了单边消费历史以及终期或短视定价的条件下，被更好理解的来源收费更高，保留更多回归群体，并从中赚取更多。对称的公共校准和与消费相关的结果反馈都改善了消费者决策，但使竞争朝相反方向移动。校准对不熟悉的来源帮助更大，并压缩了报告价值优势；反馈仅加深对已消费内容的理解，并扩大该优势。在被覆盖的内部市场中，且在实施成本之前，反馈还提高了续订期的总剩余。公共校准可能仅在高度集中的回归群体中降低总剩余——即熟悉来源最初服务超过五分之四的读者时——因为读者被重新分配离开一个仍然更具信息量的来源。因此，重要的不仅仅是产生多少透明度，而是它是否能在来源之间转移。

英文摘要

Access to past reports changes how consumers learn about competing information providers. A subscriber who has learned to interpret a familiar source may find an equally competent rival less useful. We study how opening the rival's archive changes renewal prices and the effect of outcome feedback. Better feedback strengthens the familiar source's advantage when rival reports are inaccessible, but can weaken it once some rival records are available. We derive the exact threshold in a Gaussian learning model with differentiated price competition. Opening further records narrows the renewal premium and raises consumer surplus. When the familiar source initially serves a sufficiently large share, however, partial opening can reduce aggregate forecasting quality and total surplus by drawing consumers toward a rival that remains less informative. Complete access improves both outcomes relative to every incomplete archive. These results concern a covered interior renewal market with inherited customer histories, before implementation costs. The results distinguish the quality of feedback from access to the records with which consumers combine it.

发表机构

• Toulouse School of Economics（图卢兹经济学院）
• International College of Economics and Finance, HSE University（高等经济研究大学国际经济与金融学院）

机构由 AI 辅助整理，请以论文原文为准。