Do Newspaper JOA's Charge Monopoly Advertising Rates? Theory and Evidence
Our results seem to provide substantial evidence that joint operating agreement's (JOA) act as constrained rather than unconstrained monopolists in setting ad rates and circulation levels. The constraint of having to produce two dailies binds tightly enough to yield JOA CPM's that are much closer to those of competing papers than those of a single-paper monopolist.
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