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Time Scarcity and the Market for News
Larbi Alaoui
Fabrizio Germano
This version: September 2014
December 2012
Barcelona GSE Working Paper Series
Working Paper nº 675
Time Scarcity and the Market for News∗
Larbi Alaoui† and Fabrizio Germano‡
September 18, 2014
Abstract
We develop a theory of news coverage in environments of information abundance that include both new
and traditional news media, from online and print newspapers to radio and television. News consumers
are time-constrained and browse through news items that are available across competing outlets, choosing
which outlets to access and which stories to read or skip. Media firms are aware of consumers’ preferences
and constraints, and decide on rankings of news items that maximize their profits. We find that the news
consumed in equilibrium is highly sensitive to the details of the environment. We show that even when
readers and outlets are rational and unbiased and when markets are competitive, readers may consume
more than they would like to, and the news items they consume may be significantly different from the ones
they prefer. Important news items may be crowded out. Next, we derive implications on diverse aspects
of current media, including a rationale for tabloid news, a rationale for why readers prefer like-minded
news, as well as a theory of optimal advertisement placement in newscasts. We also analyze methods for
restoring reader-efficient standards and discuss the political economy implication
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