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Information Markets and Nonmarkets

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  • Bergemann, Dirk
  • Ottaviani, Marco

Abstract

As large amounts of data become available and can be communicated more easily and processed more effectively, information has come to play a central role for economic activity and welfare in our age. This essay overviews contributions to the industrial organization of information markets and nonmarkets, while attempting to maintain a balance between foundational frameworks and more recent developments. We start by reviewing mechanism-design approaches to modeling the trade of information. We then cover ratings, predictions, and recommender systems. We turn to forecasting contests, prediction markets, and other institutions designed for collecting and aggregating information from decentralized participants. Finally, we discuss science as a prototypical information nonmarket with participants who interact in a non-anonymous way to produce and disseminate information. We aim to make the reader familiar with the central notions and insights in this burgeoning literature and also point to some open critical questions that future research will have to address.

Suggested Citation

  • Bergemann, Dirk & Ottaviani, Marco, 2021. "Information Markets and Nonmarkets," CEPR Discussion Papers 16459, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:16459
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    2. Belot, Michèle & Kircher, Philipp & Muller, Paul, 2022. "Do the Long-term Unemployed Benefit from Automated Occupational Advice during Online Job Search?," CEPR Discussion Papers 17513, C.E.P.R. Discussion Papers.
    3. Lubang Wang & Shuping Lin & Mingliang Zhang & Jia Ding & Liqin Zhang, 2025. "RETRACTED ARTICLE: Technological Innovation Through Complex Networks: a Study of 100 Listed Companies on China’s Growth Enterprise Market," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 6200-6247, June.
    4. Jiadong Gu, 2024. "Data Trade and Consumer Privacy," Papers 2406.12457, arXiv.org, revised Jan 2026.

    More about this item

    Keywords

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    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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