We study a dynamic problem of selling data without commitment to a budget-constrained receiver. The sender has access to a data-generating process, informative about a fundamental state, and can sell it either as granular observations (raw data) or summary statistics (information). Properly designed, such statistics ensure the residual uncertainty declines predictably along with the receiver's budget, supporting efficiency under gradual information sales. In contrast, selling...

A monopolist data seller designs and sells signals about borrower quality to competing lenders. Optimal signals raise lenders' profits, and hence seller revenue, by softening lending competition through two channels. Segmentation negatively correlates good grades across lenders, limiting competition for high-quality borrowers. Deterrence makes a bad grade precise enough that its recipient does not lend at all....