Market provision of radio programming is beset by possible inefficient underprovision of formats that appeal to small audiences, for which the social benefits of programming — but not advertising revenue — exceed their costs. Larger markets have more programming, so their listeners derive...

Theory: Markets and the tyranny of the majority; Are "lumpy" markets a problem?; Empirical evidence: Who benefits whom in practice; Who benefits whom in the neighborhood; Preference minorities as citizens and consumers -- Market solutions and their limits: Market enlargement and consumer...

Economists have long counseled reliance on markets rather than on government to decide a wide range of questions, in part because allocation through voting can give rise to a "tyranny of the majority." Markets, by contrast, are believed to make products available to suit any individual,...