This is the second post of a series on Media Ecosystems. The first post draws the outline of the series. Advertising as a complementary good Since George Stigler’s paper on information costs (1961), the issue of advertising is widely discussed among economists. For many of them, advertising is a means to reduce consumer’s transaction costs […]
Tag Archives | publishing
Media Ecosystems: Introduction
By Olivier Bomsel 14 July 2014 0
The economic theory introduces property rights as an institution aimed at internalising actions that are beneficial to society (Demsetz, 1967). It also depicts these rights as a means to set up transactions between right holders and other agents providing complementary goods and services. The previous consent rule arranges these transactions as a contractual chain stemming […]