Newspapers in Times of Low Advertising Revenues
研究了广告收入减少对报纸内容和价格的影响，发现广告收入降低会减少报纸的新闻密集型内容，并利用法国报纸数据验证了这一结论。
We model the consequences on newspapers’ content and prices of a reduction in advertising revenues. Newspapers choose the size of their newsroom, and readers are heterogeneous in their ideal amount of journalistic-intensive content. We show that a reduction in advertising revenues lowers newspapers’ incentives to produce journalistic-intensive content. We also build a unique dataset on French newspapers between 1960 and 1974 and perform a difference-in-differences analysis exploiting the introduction of advertising on television, which affected national newspapers more severely than local ones. We find robust evidence of a decrease in the amount of journalistic-intensive content produced and the subscription price.