Abstract
This paper empirically studies the behavior of university library and journal publishers in the academic journal market. Library demand for academic journals is estimated. Also this paper studies how nonprofit publishers price their journals and predicts prices of commercial journals if they price like nonprofit journals. As a welfare analysis, using the results from demand estimation and the predicted prices, I estimate welfare gains if all commercial journals are replaced by equivalent quality nonprofit journals by estimating values such as compensating valuations and equivalent valuations. Nonprofit publishers are currently introducing new journals to the market. This study quantifies the benefit that libraries receive by replacing commercial journals with equivalent nonprofit journals.
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