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| Author: | Waldfogel, J. |
| Title: | Preference externalities: an empirical study of who benefits whom in differentiated-product markets |
| Journal: | RAND Journal of Economics
2003 : AUTUMN, VOL. 34:3, p. 557-568 |
| Index terms: | Externalities Preferences Product differentiation Radio industry |
| Freeterms: | Market size |
| Language: | eng |
| Abstract: | Theory predicts that in markets with increasing returns, the number of differentiated products, and the tendency to consume, will grow in market size. This phenomenon is documented across 247 U.S. radio markets. By a mechanism that is termed "preference externalities", an increase in the size of the market brings forth additional products valued by others with similar tastes. But who benefits whom? Sharp differences in preferences are documented between black and white, and between Hispanic and non-Hispanic, radio listeners. |
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