Selling Experiments: Menu Pricing of Information∗

A monopolist sells informative experiments to heterogeneous buyers who face a decision problem. Buyers dier in their prior information, and hence in their willingness to pay for additional signals. The monopolist can protably oer a menu of experiments. We show that, even under costless acquisition and degrading of information, the optimal menu is quite coarse. The seller oers at most two experiments, and we derive conditions under which at vs. discriminatory pricing is optimal