Decentralized blockchain-based transactions benefit users through their openness, transparency, and immutability, which may come at the expense of privacy concerns. This paper shows that if there is a dilemma between decentralization and privacy protection, such that a more decentralized system...

This paper analyzes how data-driven vertical integration between a platform and one downstream seller affects market outcomes in a two-sided market where sellers with asymmetric targeting skills target advertisements to individuals who have varying privacy concerns. I show that data-driven...