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Agenda chasing and contests among news providers
Author(s) -
Katona Zsolt,
Knee Jonathan A.,
Sarvary Miklos
Publication year - 2017
Publication title -
the rand journal of economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 3.687
H-Index - 108
eISSN - 1756-2171
pISSN - 0741-6261
DOI - 10.1111/1756-2171.12191
Subject(s) - contest , publication , competition (biology) , focus (optics) , social media , advertising , marketing , business , public relations , economics , industrial organization , political science , computer science , world wide web , ecology , physics , optics , law , biology
This article studies competition in contests with a focus on the news industry that is increasingly influenced by social media. The model assumes publishers to pick a single topic from a large pool based on the topics' prior “success” probabilities, thereby “chasing” potentially successful topics. Firms that publish topics that become successful divide a “reward” which can change with the number of competing firms and the number of successful topics. The results show that share structures can be categorized into three types that, in turn, lead to qualitatively different outcomes for the contest.