This paper presents a theory of the market provision of broadcasting and uses it to address the nature of market failure in the industry. Equilibrium advertising levels may be too low or too high, depending on the nuisance cost to viewers, the substitutability of programmes, and the expected...

This paper presents a theory of the market provision of broadcasting and uses it to address the nature of market failure in the industry. Equilibrium advertising levels may be too low or too high, depending on the nuisance cost to viewers, the substitutability of programmes, and the expected...

This paper examines the effect of introducing profit-sharing arrangements into union-firm contracts. It is shown that if bargaining is efficient (using the generalized Nash bargain), profit-sharing has no effect on the bargaining outcome. This is true both when the profit-sharing restriction is...

Two types of location equilibria are compared. The first one is that of a simultaneous price and location game, the second is that of a two-stage location-then-price game. It is suggested that equilibrium locations are further apart under the second and profits are higher, since firms...