In this paper we investigate the relationship between news sources and media firms. Although empirically important, this channel for supply-driven media bias has not previously been analyzed in economics literature. We model the relationship as an informal contract based on trust and punishment,...

In this paper we investigate the relationship between news sources and media firms. Although empirically important, this channel for supply-driven media bias has not previously been analyzed in economics literature. We model the relationship as an informal contract based on trust and punishment,...

One central result in the strategic trade literature is that governments should not support domestic ”losers” but domestic ”winners”. We show that when first-mover advantages are taken into account, the reverse holds, governments have stronger incentives to support domestic ”losers”...