Who Affects Whom in Daily Newspaper Markets?
研究日报市场中不同消费者群体（如黑人与白人）如何通过市场规模影响报纸内容定位，发现群体规模越大，报纸越迎合该群体偏好，从而产生偏好外部性。
When consumers share similar preferences, additional consumers will bring forth products that confer positive "preference externalities" on others. However, if distinct groups of consumers have substantially different preferences, the groups bring forth products with more appeal to themselves and less appeal to others. We document that in their capacity as daily newspaper consumers, blacks and whites are more likely to buy daily newspapers in markets with larger black and white populations, respectively. Similar results hold for Hispanics and non-Hispanics, but not by education, income, or age. We provide evidence that product positioning underlies our results.