Free ad(vice): internet influencers and disclosure regulation
研究了社交媒体影响者与粉丝之间的动态关系，发现影响者在提供最佳建议和最大化收入之间存在权衡，并探讨了联邦贸易委员会强制披露规则等政策的优劣，指出选择加入政策可能更优。
Abstract Consumers rely on intermediaries (“influencers”) such as social media recommendations to provide information about products. The advice may be mixed with endorsement in a way that is unobservable to the follower, creating a trade‐off for influencers between the best advice and the most revenue. This article models the dynamic relationship between an influencer and a follower. The relationship evolves between periods of less and more revenue. The model can provide insight into policies such as the Federal Trade Commission's mandatory disclosure rules. An opt‐in policy may be superior: it deregulates influencers who are reaping the rewards of past good advice.