Abstract
A monopolist sells informative experiments to heterogeneous buyers who face a decision problem. Buyers differ in their prior information, and hence in their willingness to pay for additional signals. The monopolist can profitably offer a menu of experiments. Even under costless acquisition and degrading of information, the optimal menu is quite coarse. The seller offers at most two experiments, and we derive conditions under which flat pricing (one experiment) or discriminatory pricing (two experiments) is optimal.