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Qualification Objectives
Using economic-analytical tools such as static and dynamic optimization, Pareto efficiency as a measure of optimum, and economic concepts like opportunity costs, public goods, and externalities, students can explain the characteristics of the media. Based on these characteristics, students can deepen their understanding, explanation, and derivation of the following issues, initially as a positive analysis:
i) optimal consumption behavior for the media, with a neuroeconomic approach;
ii) the optimal production plan of media companies, supplemented by the influences and structural changes brought about by digital transformation;
iii) the distribution of media goods and the associated implications through both physical and digital channels;
iv) the comparison of different media market forms and the resulting market outcomes, considering the uniqueness of media convergence resulting from competition;
v) the media's impact on an individual and societal level with a neuroeconomic and economic psychological approach.
Drawing insights from these findings, students can independently make normative statements.
Presentation Subjects
I. Media Goods
1. Content as Storytelling
Field, Sid. (1979): Screenplay: The foundations of screenwriting, New York
Zak, Paul (2015): Why inspiring stories make us react: The neuroscience of narrative, in: Cerebrum
PowerPointPresentation from Sao-Wen Cheng
2. New opportunities of digitization
Waldfogel, J. (2018): Digital renaissance, Princeton, P177-207
II. Media-Goods Consumption
3. Forming consumer habits and negative bias
Levitin, D. (2006): This is your brain on music, New York, P217-240
Kahneman, D. (2011): Thinking, fast and slow, New York, P300-304
4. Predictive analysis, consumer behavior, and media goods
Duhigg, C. (2012): The power of habit, New York, P183-212
Spiegelhalter, D. (2019): The art of statistics. New York, Chapter 6
5. The pursuit of pleasure
Lembke, A. (2021): Dopamine nation, New York, P7-30
Lembke, A. (2021): Dopamine nation, New York, P47-68
6. Consumer sensitivity to audio advertising
Huang, J.; Reiley, D.; Raivob, N. (2018): Measuring Consumer Sensitivity to Audio Advertising: A Field Experiment on Pandora Internet Radio, SSRN https://ssrn.com/abstract=3166676
III. Media-Goods Production
7. Economy of superstars
Krueger, A. (2019): Roconomics, New York, P78-105
Elberse, A. (2013): Blockbuster, P118-149
8. Economy of Crowd
McAfee, A.; Brynjolfsson, E. (2017): Machine Platform Crowd, New York, P230-251
Surowiecki, J. (2004): The wisdom of crowds, New York, P3-22
Spiegelhalter, D. (2019): The Art of Statistics, New York, P39-71
9. Digitization in music
Waldfogel, J. (2018): Digital renaissance, Princeton, P31-72
10. Digitization in movie
Waldfogel, J. (2018): Digital renaissance, Princeton, P73-105
11. Digitization in television
Waldfogel, J. (2018): Digital renaissance, Princeton, P106-120
12. Digitization in books
Waldfogel, J. (2018): Digital renaissance, Princeton, P121-150
13. Discovery of new media-goods in digital age
Aguiar, L.; Waldfogel, J. (2018): Platforms, Promotion, and Product Discovery: Evidence from Spotify Playlists, NBER working paper: https://www.nber.org/system/files/working_papers/w24713/w24713.pdf
Krueger, A. (2019): Roconomics, New York, P192-196
IV. Media-Goods and Copyright
14. Economic incentives and copyright
Krueger, A. (2019): Roconomics, New York, P205-230
Lessig, L. (2004): Free culture, New York, P53-61
V. Media-Goods Distribution
15. Physical and digital distribution of the media-goods
Anderson, C. (2006): The Long Tail, New York, P15-57
16. Economy of video streaming
Smith, M.; Telang, R. (2019): Netflix and the Economics of Bundling, in Harvard business review, Feb. 2019.
Smith, M.; Telang, R. (2016): Streaming, sharing, stealing: big data and the future of entertainment. Princeton
VI. Media-Goods Financing
17. The battle between Platform and News Industry
McAfee, A.; Brynjolfsson, E. (2017): Machine Platform Crowd, New York, P137-150
Anand, B. (2016): The content trap, New York, P7-11
Australian vs Facebook/Google: News Media and Digital Platforms Mandatory Bargaining Code 2021
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