Pricing Power in Advertising Markets: Theory and Evidence
研究媒体竞争如何影响广告定价，发现多平台用户会压低广告价格，并用电视和社交媒体数据验证模型，量化平台内外的竞争效应。
Existing theories of media competition imply that advertisers will pay a lower price in equilibrium to reach consumers who multi-home across competing outlets. We generalize and extend this theoretical result and test it using data from television and social media advertising. We find that the model is a good match, qualitatively and quantitatively, to variation in advertising prices across demographic groups, outlets, platforms, and over time. We use the model to quantify the effects of competition within and across platforms.