Journal ArticleDOI
Valuing New Goods in a Model with Complementarity: Online Newspapers
TLDR
In this paper, a new model was developed to study competition between print and online newspapers and the welfare impact of charging positive online prices was investigated, using new micro data from Washington, DC.Abstract:
Many important economic questions hinge on the extent to which new goods either crowd out or complement consumption of existing products. Recent methods for studying new goods rule out complementarity by assumption, so their applicability to these questions has been limited. I develop a new model that relaxes this restriction, and use it to study competition between print and online newspapers. Using new micro data from Washington, DC, I estimate the relationship between the print and online papers in demand, the welfare impact of the online paper's introduction, and the expected impact of charging positive online prices.read more
Citations
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Journal ArticleDOI
The Effect of File Sharing on Record Sales: An Empirical Analysis
TL;DR: In this article, the authors analyzed whether file sharing has reduced the legal sales of music and found that downloads have an effect on sales that is statistically indistinguishable from zero, which is inconsistent with claims that file sharing is the primary reason for the decline in music sales during their study period.
Posted Content
Econometric Tools for Analyzing Market Outcomes
TL;DR: This paper outlines recently developed techniques for estimating the primitives needed to empirically analyze equilibrium interactions and their implications in oligopolistic markets and concludes with a brief discussion of some of the problems I.O. researchers encountered in using the prior approaches.
ReportDOI
What Drives Media Slant? Evidence From U.S. Daily Newspapers
TL;DR: The authors construct a new index of media slant that measures the similarity of a news outlet's language to that of a congressional Republican or Democrat, and find that readers have an economically significant preference for like-minded news.
Journal ArticleDOI
Between tradition and change: A review of recent research on online news production
TL;DR: A review of online news production can be found in this paper, where the authors examine research on fikey topics: historical context and market environment, the process of innovation, alterations in journalistic practices, challenges to established professional dynamics, and the role of user-generated content.
Journal ArticleDOI
Vertical Integration and Exclusivity in Platform and Two-Sided Markets
TL;DR: The impact of vertically integrated and exclusive software on industry structure and welfare in the sixth-generation of the US video game industry (2000-2005) is measured and a dynamic model of both consumer demand forHardware and software products, and software demand for hardware platforms is estimated.
References
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Book ChapterDOI
Testing for Weak Instruments in Linear IV Regression
James H. Stock,Motohiro Yogo +1 more
TL;DR: This paper proposed quantitative definitions of weak instruments based on the maximum IV estimator bias, or the maximum Wald test size distortion, when there are multiple endogenous regressors, and tabulated critical values that enable using the first-stage F-statistic (or, for instance, the Cragg-Donald (1993) statistic) to test whether give n instruments are weak.
Journal ArticleDOI
Mixed mnl models for discrete response
Daniel McFadden,Kenneth Train +1 more
TL;DR: In this article, the adequacy of a mixing specification can be tested simply as an omitted variable test with appropriately definedartificial variables, and a practicalestimation of aarametricmixingfamily can be run by MaximumSimulated Likelihood EstimationorMethod ofSimulatedMoments, andeasilycomputedinstruments are provided that make the latter procedure fairly eAcient.
Journal ArticleDOI
Selection on Observed and Unobserved Variables: Assessing the Effectiveness of Catholic Schools
TL;DR: In this article, the authors measure the effect of Catholic high school attendance on educational attainment and test scores, and find that Catholic high schools substantially increase the probability of graduating from high school and, more tentatively, attending college.
Journal ArticleDOI
A method of simulated moments for estimation of discrete response models without numerical integration
TL;DR: In this paper, the authors proposed a simple modification of a conventional method of moments estimator for a discrete response model, replacing response probabilities that require numerical integration with estimators obtained by Monte Carlo simulation.
Journal ArticleDOI
Measuring Market Power in the Ready-to-Eat Cereal Industry
TL;DR: The authors empirically examined the ready-to-eat cereal industry and concluded that the prices in the industry are consistent with noncollusive pricing behavior, despite the high price-cost margins.