This paper explores how a seller should transmit product information to bidders with horizontally differentiated preferences. Under cheap-talk, we show that, in an informative equilibrium, the seller provides less precise information for more popular product attributes. Second, for any given...

We analyze a large-scale randomized field experiment in which a search engine varied the prominence of search ads for 3.3 million US users: one group of users saw the status quo, while the other saw a lower level of advertising (with prominence of search ads decreased). Revealed preference data...

Trademarks are indeed about information, but trademark doctrine misunderstands trademarks’ information function. Trademark doctrine takes a broadcast view in a networked world. Rather than a world where a single source transmits messages to a passive public, we live in a world where many...

The business world has moved from using trademarks — simple symbols identifying products — to brands — rich symbols that feed business strategy. At the same time, networked and empowered consumers are using brands, brand language, and branding strategies to make decisions about what they...

We study how statutory-law changes relate to disclosure, pricing, and liquidity in the used-car market. Federal odometer laws mandated disclosure of mileage on car titles upon ownership transfer and thereby enhanced enforcement of odometer-fraud prohibitions. Exploiting time variations in state...

Trademark law is incoherent, and it fails to manage all the interests at stake in the modern business environment. This failure flows from a core misunderstanding. Trademark law has not grasped that is managing brands, not trademarks. In this article, Professor Deven Desai develops a new theory...

This paper studies a unique panel dataset of transactions with repeat customers of an insurer that operates in a market in which insurers are not required by law or contract to share information about their customers' records. This dataset is used to test the asymmetric learning hypothesis under...