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Methods for Presenting Real-world Objects Under Controlled Laboratory Conditions

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To sell public or private goods.

Simon Loertscher¹, Leslie M Marx²

¹Department of Economics, University of Melbourne, Level 4, FBE Building, 111 Barry Street, Victoria, 3010 Australia.

Review of Economic Design

|April 16, 2024

Summary

This summary is machine-generated.

Sellers can choose to offer digital assets as private or public goods. Public goods can yield higher profits than private goods, especially with many buyers and moderate production costs.

Keywords:

Bilateral trade Mechanism design Non-fungible token (NFT)Public goods Revenue maximization

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Area of Science:

Economics
Digital Markets
Behavioral Economics

Background:

Traditional economic models assume goods are inherently public or private.
Technological advancements, like non-fungible tokens (NFTs), allow designers to control rivalry.
This shifts the public vs. private nature of goods into a strategic choice.

Purpose of the Study:

To determine when a profit-maximizing seller should offer an asset as a private good versus a public good.
To analyze the quantity-exclusivity tradeoff for digital goods.
To identify conditions favoring public good provision for profitability.

Main Methods:

Theoretical economic modeling.
Analysis of a profit-maximizing seller's decision.
Comparison of profit functions for public and private good provision.
Examination of factors including production cost and buyer value distribution.

Main Results:

Profits from public goods can exceed those from private goods due to collecting numerous small payments versus a single large one.
Public good provision is profitable when production costs are moderately high.
Public good profits are unbounded with more buyers, unlike private good profits.

Conclusions:

The choice between public and private good provision is a strategic decision for sellers.
Digital goods, like NFTs, enable this strategic flexibility.
Under specific conditions (moderate costs, positive buyer values), public goods offer superior profit potential.