News flash: Economics applies to publishing, too!

Virginia Postrel has a great article on publishing and Amazon’s new lending library (which works sort of like Netflix for e-books) that’s worth reading in its entirety: click here to read it.
Here’s the most important takeaway:

A former publishing executive recently told me he simply didn’t believe that “if I really want a book for $9.95 I don’t also want it for $10.95 or $12.95.”

People in publishing say things like that all the time. While they admit that charging $100 for the typical hardback would be foolish, they don’t believe that changing the price of a book by a dollar or two will significantly change the number of copies sold.

The economic research suggests the opposite.

 

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