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Digital publishers often rely on these brokers to gain (i) individual insights drawn from their own data or (ii) collective insights drawn from both their data and those of their competitors, improving their targeting precision. This study develops an analytical model to explore the competitive implications of data brokers in a targeted advertising market with two competing publishers and a mass of advertisers. It reveals that the data broker might strategically price their insights to exclusively offer collective insights to one publisher, thereby altering market competition. Moreover, the broker\u2019s actions can either foster or hinder competition among publishers, depending on its strategic interests. Despite potentially reducing market competition through exclusive selling, the provision of collective insights can enhance aggregate welfare by enhancing publishers\u2019 targeting capability. This illustrates the nuanced interplay between data brokers, publishers, and advertisers in shaping the landscape of targeted advertising. <\/jats:p>","DOI":"10.1287\/isre.2022.0227","type":"journal-article","created":{"date-parts":[[2024,4,1]],"date-time":"2024-04-01T13:36:50Z","timestamp":1711978610000},"page":"261-284","source":"Crossref","is-referenced-by-count":10,"title":["Blessing or Curse? 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