We explore the consequence of quality unpredictability for the welfare benefit of new products, using recent developments in recorded music as our context. Digitization has expanded consumption opportunities by giving consumers access to the “long tail” of existing products, rather than...

We explore the consequence of quality unpredictability for the welfare benefit of new products, using recent developments in recorded music as our context. Digitization has expanded consumption opportunities by giving consumers access to the "long tail" of existing products, rather than simply...

We explore the consequence of quality unpredictability for the welfare benefit of new products, using recent developments in recorded music as our context. Digitization has expanded consumption opportunities by giving consumers access to the "long tail" of existing products, rather than simply...

Den weltweiten Erfolg des MP3-Formats hatten sich die Ingenieure des Fraunhofer-Instituts in Erlangen nicht träumen lassen, die Anfang der 1990er-Jahre dieses digitale Audio-Format entwickelt haben. Heute können ca. 7 Milliarden Geräte Musik in diesem Format abspielen - so viel ungefähr, wie...

Den weltweiten Erfolg des MP3-Formats hatten sich die Ingenieure des Fraunhofer-Instituts in Erlangen nicht träumen lassen, die Anfang der 1990er-Jahre dieses digitale Audio-Format entwickelt haben. Heute können ca. 7 Milliarden Geräte Musik in diesem Format abspielen - so viel ungefähr, wie...

This article analyzes the distribution of financial value from innovation in the global supply chains of iPods and notebook computers. We find that Apple has captured a great deal of value from the innovation embodied in the iPod, while notebook makers capture a more modest share of the value...