NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Lisa George

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October 2000Who Benefits Whom in Daily Newspaper Markets?
with Joel Waldfogel: w7944
Markets are generally thought to avoid problems, such as tyranny of the majority, that arise when allocation is accomplished through collective processes. Yet, with fixed costs, differentiated product markets deliver only products desired by substantial constituencies. When consumers share similar preferences, then additional consumers will bring forth additional products or improve the attributes or position of existing products and the consumers confer positive pecuniary preference externalities' on each other. However, if distinct groups of consumers have substantially different preferences, the groups can hurt each other through product markets. We document the pattern of preference externalities among black and white consumers of daily newspapers in the US. We find that, in ...

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