Selling Cookies
研究一个数据提供商如何定价消费者特征查询（Cookie），以及广告商如何选择定向策略，发现数据价格随数据库覆盖范围下降、随数据销售碎片化上升。
We propose a model of data provision and data pricing. A single data provider controls a large database that contains information about the match value between individual consumers and individual firms (advertisers). Advertisers seek to tailor their spending to the individual match value. The data provider prices queries about individual consumers' characteristics (cookies). We determine the equilibrium data acquisition and pricing policies. Advertisers choose positive and/or negative targeting policies. The optimal query price influences the composition of the targeted set. The price of data decreases with the reach of the database and increases with the fragmentation of data sales.