The Price of a Familiar Perspective

Georgy Lukyanov and Ilya Pototskiy
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Georgy Lukyanov: TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: Consumers learn how to interpret an information source through repeated exposure. We study how this understanding is priced and how access to historical reports changes competition. In a Gaussian model with inherited customer histories and terminal pricing, the familiar source charges a renewal premium. Better outcome feedback widens the premium when rival reports are inaccessible, but can narrow it once some rival records are available. For independent historical dates, we derive the exact threshold for this reversal. Within the covered interior market, archive opening narrows the premium and raises consumer surplus. Its effect on aggregate forecasting quality and total surplus is less direct: a partial opening can reduce both by reallocating consumers toward a source that remains less informative. Complete access nevertheless improves both outcomes relative to any incomplete archive. The results distinguish the quality of feedback from access to the evidence with which consumers combine it.

Date: 2026-10-23
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