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• W1490293896 abstract "The paper gives a very brief overview about pricing concepts for information goods. The main part of this analysis is devoted to the explanation of the fact, that despite of the existence of these pricing concepts, the price for almost all web versions of newspapers equals zero. For this purpose we conducted an investigation, focused on expert interviews with the managers of Austrian online newspapers. The results of this study show why the price currently equals zero, how revenues for online newspapers may be achieved, and what the managers think about the theoretical pricing concepts. Definition of Digitized Information goods The term digitized is applied to any good which exists in an electronic form, i.e., encoded as a string of bits and bytes (=digitized). What is decisive here is the fact that it not only can exist but does exist as a series of bits, which means it has to be digitized. This also constitutes the major difference to information goods. Information goods contain information, i.e., descriptions of situations and processes (Hansen 1996b), irrespective of whether this information is available on paper, papyrus, hewn in stone or on CD-rom. Thus, products ranging from books, databases, (electronic) newspapers, magazines, films, and music are information goods. The characteristic common to all information goods is that they are generally digitizable and can thus theoretically be distributed via an electronic network, with completely here denoting all stages in the transaction process, from initiating a deal to signing a contract up to payment and delivery. (Varian 1995). Information goods contain knowledge, therefore all digital goods are not automatically information goods. It becomes evident from the above mentioned that the sets of information goods and digital goods intersect, and it is this intersection which is relevant for this study. These considerations result in the following definition of digital information goods: 1. A digital good is a good which exists in electronic form, i.e., encoded as a set of bits and bytes, and can thus be transferred via a network structure (e.g., computer programs). 2. An information good is a good which is bought for its content. The good is actually the content, viz. the information/knowledge which it represents. Examples include fiction books, technical books, encyclopedias, newspapers, magazines, and manuals. 3. A digital information good is a good which combines the qualities a) and b). Cost and Market Theory Related Considerations One of the cardinal features of information goods is the fact that the original production is generally very expensive, while the reproduction cost of an information good once it has been created converges on zero. Thus, the marginal cost of (re)production is minimal (Varian 1995). The production of a complex movie, for example, costs several hundred million dollars, while the cost of production of the copies for distribution is negligible by comparison (Shapiro and Varian 1998). This is one of the main reasons why the classic cost-based price setting (unit price = unit cost + margin), which can often be found in practice (Hansen 1990), cannot sensibly be applied to information goods (Shapiro and Varian 1998). The more units are produced of an information good, the lower the average cost per unit becomes. Apart from these economies of scale, the cost structure of information goods shows another peculiarity: the biggest share of original production costs and thus fixed costs is accounted for by sunk costs (Varian 1998). The essential cost characteristics of information goods can be summarized as follows (Shapiro and Varian 1998): 1. The original production of information goods is very cost intensive, while the marginal cost of reproduction (making of copies) is almost negligible. 2. Once the original of an information good has been produced, the largest share of total costs (including reproduction) has already been incurred. A large percentage of these costs (depending on the specific information good) is sunk costs. 1 It must be noted, however, that using an information good (I1) in the production of another digital information good (I2) as an input factor not belonging to the producer of I2 can as a result of copyright payments lead to marginal costs which are significantly higher than zero (Whinston, Stahl, and Choi 1997)." @default.
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• W1490293896 date "2000-01-01" @default.
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• W1490293896 title "Pricing for Digitized Information Goods: The Case of Austrian Online Newspapers" @default.
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