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Handbook on the Economics of the Media
This Handbook explores the economic features of the media and its infrastructure to provide readers with a sophisticated understanding of the critical issues and their influence on companies, audiences and regulators. The contributors explore and explain the impact of underlying factors such as multi-sided platforms, advertising and industry structure. They assess the unique economic factors affecting print, broadcast and broadband-based media, and highlight how the economics of the media can influence policy making. Each original chapter introduces the reader to a specific topic, reviews the literature on the development of knowledge in the field, explores critiques of the approach, and provides an understanding of applying this knowledge and the implications.
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Critical Acclaim
Contributors
Contents
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Media industries and services present a complex set of challenges to economic analysis: challenges made more difficult by the technological changes that have been transforming the media sector. Research on the economics of media has made major advances in recent years and has contributed greatly to an increasingly sophisticated understanding of how media are shaped by economic forces, including those unleashed by new technologies. This Handbook examines the variety of contexts and infrastructures in which content is produced and distributed and how these influence the types of media products and services available, their pricing, their consumption and the public policies related to them.
The original contributions provide a state-of-the-art guide to the most recent thinking and research findings on the broad range of media-related topics addressed by economics research. Written by leading scholars, this book should be informative and of practical value for advanced students, policy makers, industry professionals, economists, media economists, and other academics.
The original contributions provide a state-of-the-art guide to the most recent thinking and research findings on the broad range of media-related topics addressed by economics research. Written by leading scholars, this book should be informative and of practical value for advanced students, policy makers, industry professionals, economists, media economists, and other academics.
Critical Acclaim
‘Edited by Robert G. Picard and Steven S. Wildman, the books gives several eminent economists an opportunity to look at media, especially in the United States and Europe. I heartily recommend the entire volume for careful study by lawyers whose practices keep them engaged with any media businesses or their regulators.’
– Christopher Faille, The Federal Lawyer
‘At a time of growing interest in economic aspects of media, this edited volume presents a comprehensive and timely set of perspectives on key sectors of media and media infrastructures and related economic questions. Impressive in both scope and depth, this well-informed book guides readers through a compelling set of concepts and issues relevant to an increasingly internationalised contemporary media environment.’
– Gillian Doyle, University of Glasgow, UK
‘This volume offers a comprehensive overview of modern approaches to media economics at a time of remarkable transition to new technologies and new business models.’
– Bruce Owen, Stanford University, US
– Christopher Faille, The Federal Lawyer
‘At a time of growing interest in economic aspects of media, this edited volume presents a comprehensive and timely set of perspectives on key sectors of media and media infrastructures and related economic questions. Impressive in both scope and depth, this well-informed book guides readers through a compelling set of concepts and issues relevant to an increasingly internationalised contemporary media environment.’
– Gillian Doyle, University of Glasgow, UK
‘This volume offers a comprehensive overview of modern approaches to media economics at a time of remarkable transition to new technologies and new business models.’
– Bruce Owen, Stanford University, US
Contributors
Contributors: N. Adilov, P.J. Alexander, P. Barwise, B.J. Bates, T. Björkroth, E. Castronova, B. Cunningham, A. Dukes, J.J. Gabszewicz, N. Geidner, L. George, M. Grönlund, S.W. Ji, C. Karlsson, H.J. Kind, I. Knowles, S.Y.Lee, J.D. Levy, A. Manduchi, J. Møen, R.G. Picard, J. Resende, T. Ross, P. Rouchy, N. Sonnac, R. Towse, D. Waterman, S. Wildman, Y.-X. Zhu
Contents
Contents:
Introduction
Robert G. Picard and Steven S. Wildman
PART I INFLUENTIAL FACTORS AND PRACTICES
1. Media as Multi-sided Platforms
Jean J. Gabszewicz, Joana Resende and Nathalie Sonnac
2. Vertical Ownership, Technology and Programming Content
Sung Wook Ji and David Waterman
3. Economics of Trade in Media Products
Steve S. Wildman and Sang Yup Lee
4. Media Clusters and Metropolitan Knowledge Economy,
Charlie Karlsson and Philippe Rouchy
5. Economics of Advertising: The Role of Commercial Media
Anthony Dukes
6. The Pricing of Advertising
Agostino Manduchi
Part II PLATFORM APPLICATIONS
7. Economics of Print Media
Robert G. Picard
8. The Economics of Television: Excludability, Rivalry, and Imperfect Competition
Patrick Barwise and Robert G. Picard
9. The Economics of Broadband
Benjamin J. Bates, Nick Geidner and Yi-Xi Zhu
10. Economics of Peer-to-peer File Exchange
Nodir Adilov, Peter Alexander and Brendan Cunningham
11. Video Games, Virtual Worlds and Economics
Isaac Knowles, Edward Castronova and Travis Ross
12. Digital Technology, Disruption and the Market for News
Lisa George
Part III ECONOMICS AND POLICY
13. Economic Analysis in Media Policy Making
Jonathan D. Levy
14. Media Economics in Competition Law
Tom Björkroth and Mikko Grönlund
15. Economics and Economic Impact of Copyright
Ruth Towse
16. Effects of Taxes and Subsidies on Media Services
Hans Jarle Kind and Jarle Møen
Index
Introduction
Robert G. Picard and Steven S. Wildman
PART I INFLUENTIAL FACTORS AND PRACTICES
1. Media as Multi-sided Platforms
Jean J. Gabszewicz, Joana Resende and Nathalie Sonnac
2. Vertical Ownership, Technology and Programming Content
Sung Wook Ji and David Waterman
3. Economics of Trade in Media Products
Steve S. Wildman and Sang Yup Lee
4. Media Clusters and Metropolitan Knowledge Economy,
Charlie Karlsson and Philippe Rouchy
5. Economics of Advertising: The Role of Commercial Media
Anthony Dukes
6. The Pricing of Advertising
Agostino Manduchi
Part II PLATFORM APPLICATIONS
7. Economics of Print Media
Robert G. Picard
8. The Economics of Television: Excludability, Rivalry, and Imperfect Competition
Patrick Barwise and Robert G. Picard
9. The Economics of Broadband
Benjamin J. Bates, Nick Geidner and Yi-Xi Zhu
10. Economics of Peer-to-peer File Exchange
Nodir Adilov, Peter Alexander and Brendan Cunningham
11. Video Games, Virtual Worlds and Economics
Isaac Knowles, Edward Castronova and Travis Ross
12. Digital Technology, Disruption and the Market for News
Lisa George
Part III ECONOMICS AND POLICY
13. Economic Analysis in Media Policy Making
Jonathan D. Levy
14. Media Economics in Competition Law
Tom Björkroth and Mikko Grönlund
15. Economics and Economic Impact of Copyright
Ruth Towse
16. Effects of Taxes and Subsidies on Media Services
Hans Jarle Kind and Jarle Møen
Index
