The seller of an asset has the option to buy hard information about the value of the asset from an intermediary. The seller can then disclose the acquired information before selling the asset in a competitive market. The authors study how the intermediary designs and sells hard information to robustly maximize her revenue across all equilibria. Even though the intermediary could use an accurate test that reveals the asset’s value, they show that robust revenue maximization leads to a noisy test with a continuum of possible scores that are distributed exponentially. In addition, the intermediary always charges the seller for disclosing the test score to the market, but not necessarily for running the test. This enables the intermediary to robustly appropriate a significant share of the surplus resulting from the asset sale even though the information generated by the test provides no social value.


Xiao Lin

Pennsylvania State University, State College, USA

The seminars are held on ZOOM. Register with the external registration form to receive reminders, updates, and ZOOM Meeting ID information via e-mail. Seminar presentations are scheduled to last a total of 75 minutes (60 minutes presentations plus 15 minutes Q&A).


19.11.2020 | 15:00 - 16:15 (CET)





Leitung Nachwuchsforschungsgruppe