摘要：We consider a model where TV channels transmit advertising, and viewers
dislike such commercials. We find that the less differentiated the TV channels’
programs are, the lower is the amount of advertising in equilibrium. Relative
to the social optimum, there is underprovision of advertising if TV channels are
sufficiently close substitutes. In such a situation, a merger between TV channels
may lead to more advertising and thus improve welfare. A publicly owned
TV channel can partly correct market distortions, in some cases by having a
larger amount of advertising than a private TV channel. It may actually have
advertising even in cases where it is wasteful per se.
关键词：Television industry; Advertising; Public policy; Mixed oligopoly
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