In this article advertiser supported media, such as television, are analyzed as an industry selling audiences to advertisers. A simple stylized model is used to demonstrate that increased competition leads to less of a price decline (in extreme cases, maybe even a price increase) than would be...

We consider price setting strategic behavior in the market for quality-differentiated goods. In his classic analysis Ricardo showed that at the competition equilibrium the price of marginal unit is driven to zero. An oligopolistic market structure leads to a radically different equilibrium in...