Free Entry and Social Inefficiency in Radio Broadcasting

In theory, free entry can lead to social inefficiency. We study the radio industry in a first attempt to quantify this inefficiency. Using cross-sectional data on advertising prices, the number of stations, and radio listening, we estimate the parameters of listeners' decisions and of firms...

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Veröffentlicht in:	The Rand journal of economics 1999, Vol.30 (3), p.397-420
Hauptverfasser:	Berry, Steven T., Waldfogel, Joel
Format:	Artikel
Sprache:	eng
Schlagworte:	Advertising Advertising rates Broadcasting BUSINESS COMMUNICATIONS INDUSTRY Cost estimates Decision making Economic efficiency Economic models EFFICIENCY AND EFFECTIVENESS Fixed costs Free entry Market entry MASS MEDIA (NEWSPAPERS, MAGAZINES, TV, RADIO, ETC.) Mathematical independent variables Optimization PROFIT Radio Radio broadcasting Radio commercials Radio programs Revenue Studies
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