Abstract In this paper we propose a model where consumer personal data have multidimensional characteristics, and are used by platforms to offer ad slots with better targeting possibilities to a market of differentiated advertisers through real-time auctions. A platform controls the amount of information about consumers that it discloses to advertisers, thereby affecting the dispersion of advertisers’ valuations for the slot. We first show by way of simulations that the amount of consumer-specific information that is optimally revealed to advertisers increases with the degree of competition on the advertising market and decreases with the cost of information disclosure for a monopolistic platform, competing platforms or a welfare-maximizing platform, provided the advertising market is not highly concentrated. Second, we exhibit different properties between the welfare-maximizing situation and the imperfectly competitive market situations with respect to how the incremental value of information varies: there are decreasing social returns to consumers’ data, while private returns may be increasing or decreasing locally.

中文翻译：

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消费者数据在在线广告中的价值

摘要本文提出了一个消费者个人数据具有多维特征的模型，该模型被平台用来通过实时拍卖为差异化广告客户市场提供更好的定位可能性的广告位。平台控制着它向广告商披露的有关消费者的信息量，从而影响广告商对该广告位的评估的分散性。我们首先通过模拟显示出，针对广告客户的最佳披露的特定于消费者的信息量随广告市场上的竞争程度而增加，而随着垄断平台，竞争性平台或福利机构的信息披露成本而降低最大化平台，前提是广告市场不高度集中。第二，