Brokerage Commission Schedules
研究风险中性信息卖方对风险厌恶买方的最优经纪佣金计划，并与固定信息费和最优基金管理费的收入进行比较。
ABSTRACT It is generally optimal for risk‐sharing reasons to base a charge for information on the signal realization. When this is not possible, a charge based on the amount of trading, a brokerage commission, may be a good alternative. The optimal brokerage commission schedule is derived for a risk‐neutral information seller faced with risk‐averse purchasers who may differ in their risk aversion. Revenues from the brokerage commission are compared with those from a fixed charge for information and the optimal mutual fund management fee.