News Aggregators and Competition among Newspapers on the Internet
研究新闻聚合器如何影响互联网报纸的质量选择，通过多议题模型分析业务窃取效应与读者扩张效应的权衡，发现聚合器在读者扩张效应足够大时能提升质量和社会福利。
This paper studies how news aggregators affect the quality choices of newspapers competing on the Internet. To provide a micro-foundation for the role of the aggregator, we build a model of multiple issues where newspapers choose their quality on each issue. Our model captures well the main trade-off between the “ business-stealing” effect and the “ readership-expansion” effect. We find that the aggregator increases the quality only if the readership-expansion effect is large enough relative to the business-stealing effect. Using a condition obtained from empirical results, we find that the aggregator increases the quality and social welfare, but affects newspapers' profits ambiguously.