CONTENTS
Introduction xiii
Contributors xvii
Acknowledgment xix
Dedication xxi
Volume 1A
Part I. Media Market Structure and Performance 1
1. Preference Externalities in Media Markets 3
Simon P. Anderson, Joel Waldfogel
1.1. Introduction 4
1.2. Fixed Costs and Heterogeneous Preferences 6
1.3. Theory 10
1.4. Empirical Results: Facts Relevant to Predictions from Theory 28
1.5. Technological Change, Fixed Costs, and Preference Externalities 36
Acknowledgments 38
References 38
2. The Advertising-Financed Business Model in Two-Sided
Media Markets 41
Simon P. Anderson, Bruno Jullien
2.1. Introduction 42
2.2. Cast of Characters 43
2.3. Equilibrium Analysis of Single-Homing Viewers/Readers/Listeners/Surfers 47
2.4. Multi-Homing Viewers/Readers 66
2.5. Equilibrium Genre Choices 78
2.6. Further Directions 86
Acknowledgments 87
References 87
3. Empirical Modeling for Economics of the Media:
Consumer and Advertiser Demand, Firm Supply and
Firm Entry Models for Media Markets 91
Steven T. Berry, Joel Waldfogel
3.1. Introduction 92
3.2. Audience Demand 93
3.3. Advertiser Demand 105
vii
3.4. The Supply Side: Choice of Prices, Ad Quantity, and Other Continuous Characteristics 107
3.5. The Supply Side: Positioning and Entry 114
3.6. Future Challenges 118
References 119
4. Advertising in Markets 121
Régis Renault
4.1. Introduction 122
4.2. Search and Advertising 127
4.3. Product Advertising 143
4.4. Advertising as a Signal 166
4.5. Advertising Technology 176
4.6. Advertising that Might Not Inform 184
4.7. Closing Comments 198
Acknowledgments 200
References 200
5. Recent Developments in Mass Media: Digitization and Multitasking 205
Kenneth C. Wilbur
5.1. Recent Trends in Mass Media Consumption 207
5.2. Effects of Digitization 213
5.3. Effects of Media Multitasking 218
5.4. Discussion 221
Acknowledgments 222
References 222
6. Merger Policy and Regulation in Media Industries 225
Øystein Foros, Hans Jarle Kind, Lars Sørgard
6.1. Introduction 226
6.2. Price and Quantity Effects of Mergers in Two-Sided Markets 228
6.3. Mergers and Platforms’ Choice of Genres 236
6.4. Merger Control in Media Markets 244
6.5. Concluding Remarks 258
Acknowledgments 261
References 261
Part II. Sectors 265
7. The Economics of Television and Online Video Markets 267
Gregory S. Crawford
7.1. Introduction 268
7.2. The Television Industry 270
viii
Contents
7.3. A Simple Model of the Television Market 292
7.4. Extensions to the Simple Model: “The Four Bs” 302
7.5. Open Policy Issues in Television Markets 321
7.6. Online Video Markets 327
7.7. Conclusions 333
Acknowledgments 334
References 334
8. Radio 341
Andrew Sweeting
8.1. Introduction 342
8.2. A Brief History of the Radio Industry in the United States 345
8.3. Data 352
8.4. The Effects of Industry Consolidation on Market Outcomes: Theoretical Considerations 356
8.5. Empirical Evidence on the Effects of Ownership Consolidation in Radio 359
8.6. Excess Entry 375
8.7. Strategies for Retaining Listeners 376
8.8. Non-commercial Radio and the Effects of Competition Between
Non-commercial and Commercial Broadcasters 381
8.9. Effects of Radio on the Music Industry, and Cultural and Political Outcomes 384
8.10. Conclusions 391
Acknowledgments 392
References 392
9. Newspapers and Magazines 397
Ambarish Chandra, Ulrich Kaiser
9.1. Introduction 398
9.2. An Overview of the Print Media Industry 401
9.3. Market Structure in Newspapers and Magazines 409
9.4. Newspapers and Magazines as Two-Sided Markets 416
9.5. Advertising in Newspapers and Magazines 422
9.6. Antitrust Issues in Newspapers and Magazines 427
9.7. Print Media and the Internet 433
9.8. Thoughts for Future Research and Conclusions 437
Acknowledgments 440
References 440
10. The Econo mics of Internet Media 445
Martin Peitz, Markus Reisinger
10.1. Introduction 446
10.2. Media and Advertising on the Internet: Some Facts 450
10.3. Providing Media Content 459
ix
Contents
10.4. Users Choosing Media Content 470
10.5. Media Platforms Matching Advertising to Content 494
10.6. Media Platforms Matching Advertising to Users 511
10.7. Conclusion 525
Acknowledgments 526
References 526
Index 531
Volume 1B
11. Privacy and the Internet 541
Catherine E. Tucker
11.1. Introduction 541
11.2. Economics of Privacy 542
11.3. Privacy and Advertising 544
11.4. Privacy and Social Media 552
11.5. Privacy in a World of Infinitely Persisting Data: The Right to be Forgotten 554
11.6. Privacy: Online Data Security 555
11.7. Privacy and the Government 557
11.8. Conclusion: Future Spheres of Privacy 558
Acknowledgments 559
References 559
12. User-Generated Content and Social Media 563
Michael Luca
12.1. Introduction 564
12.2. The Impact of User-Generated Content 568
12.3. The Quality of User-Generated Content 575
12.4. Incentive Design and Behavioral Foundations 582
12.5. Other Issues 584
12.6. Discussion 588
Acknowledgments 589
References 590
Part III. The Political Economy of Mass Media 593
13. Media Coverage and Political Accountability: Theory and Evidence 595
David Str
€
omberg
13.1. Introduction 596
13.2. Theory 596
13.3. Evidence 608
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Contents
13.4. Conclusion 620
References 620
14. Media Bias in the Marketplace: Theory 623
Matthew Gentzkow, Jesse M. Shapiro, Daniel F. Stone
14.1. Introduction 624
14.2. What is Bias? 624
14.3. Bias and Welfare 627
14.4. A Model of the Market for News 628
14.5. Supply-Driven Bias 630
14.6. Demand-Driven Bias 633
14.7. Conclusion 643
Acknowledgments 644
References 644
15. Empirical Studies of Media Bias 647
Riccardo Puglisi, James M. Snyder, Jr.
15.1. Introduction 648
15.2. Estimating Bias 649
15.3. Factors Correlated with Bias 659
15.4. Bias and Voter Behavior 662
15.5. Conclusions 664
References 664
16. Media Capture and Media Power 669
Andrea Prat
16.1. Introduction 669
16.2. Media Capture 672
16.3. Media Power 676
16.4. Implications for Media Regulation 682
16.5. Conclusions 685
References 685
17. Media Capture: Empirical Evidence 687
Ruben Enikolopov, Maria Petrova
17.1. Introduction 688
17.2. Evidence on Media Capture 689
17.3. Determinants of Media Capture 693
17.4. Media Effects in the Presence of Media Capture 694
17.5. Limits of Media Capture 697
xi
Contents
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