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- All Subjects: Business Cycles
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- Member of: Barrett, The Honors College Thesis/Creative Project Collection
Description
In this paper I seek to understand how consumers value music today by investigating what consumers are willing to pay for digitally downloaded songs (such as the ones available on the iTunes or Amazon music stores) and the variety of factors that influence their willingness to pay. I conducted a survey and received over 500 responses regarding willingness to pay for single-song downloads, consumer sentiment on whether music should be free, streaming service use, and other information pertaining to music consumption behavior. Through this research I found that paid-streamers are willing to pay more for songs than those who do not pay to stream, all else being equal. Further, Free-streamers are not willing to pay significantly more or less than non-streamers. This finding is additional information to other research that suggests streaming acts as a substitute for sales. I also found that most consumers are in the middle when it comes to the debate for whether music should always be free or always be purchased. Where someone aligns on the spectrum is a statistically significant contributing factor to what that person is willing to pay for a song. My findings also suggest that consumer preferences distinguish between benefit derived from music ownership and benefit derived from the ability to listen to music. This information sheds more light on the reason behind the declining digital download market.
ContributorsRodriguez, Stefan Daniel (Author) / Mandel, Naomi (Thesis director) / Veramendi, Gregory (Committee member) / Department of Economics (Contributor) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
The impact of the 2008 Great Recession was felt on a global level. While many European countries moved to
implement large fiscal adjustments in response to the financial crisis, various other economic consequences
were felt, such as inflation, public debt growth, and a decrease in purchasing power. A result from these
consequences that typically occur every recession are demand shocks within the employment sector. As firms
are put into tight financial positions, employers are forced to make employment decisions to cut costs for
long-term sustainability, such as laying off workers, or reducing their working hours.
This paper aims to investigate how weekly working hours are impacted by shocks to the economy across European countries. Using the 2008 recession as the basis, an empirical analysis was conducted with panel data for 32 countries over 33 years, with average weekly working hours across four occupational groups as the variable of interest, and various economic indicators such as GDP growth as independent variables. Additionally, countries were split up and grouped based on geographical location to examine potential country and region-specific trends.
Over time, there is a decreasing trend in weekly working hours across all observed occupations and countries. This decreasing trend continues during the 2008 recession, but the slope of decrease is not significant relative to the entire time period. However, when dis-aggregated into occupational groups with a distinction between full-time and part-time workers, the trends in working hours are a much more noticeable, both during the recession and over the entire time frame of observation.
implement large fiscal adjustments in response to the financial crisis, various other economic consequences
were felt, such as inflation, public debt growth, and a decrease in purchasing power. A result from these
consequences that typically occur every recession are demand shocks within the employment sector. As firms
are put into tight financial positions, employers are forced to make employment decisions to cut costs for
long-term sustainability, such as laying off workers, or reducing their working hours.
This paper aims to investigate how weekly working hours are impacted by shocks to the economy across European countries. Using the 2008 recession as the basis, an empirical analysis was conducted with panel data for 32 countries over 33 years, with average weekly working hours across four occupational groups as the variable of interest, and various economic indicators such as GDP growth as independent variables. Additionally, countries were split up and grouped based on geographical location to examine potential country and region-specific trends.
Over time, there is a decreasing trend in weekly working hours across all observed occupations and countries. This decreasing trend continues during the 2008 recession, but the slope of decrease is not significant relative to the entire time period. However, when dis-aggregated into occupational groups with a distinction between full-time and part-time workers, the trends in working hours are a much more noticeable, both during the recession and over the entire time frame of observation.
ContributorsDong, William (Author) / Veramendi, Gregory (Thesis director) / Bick, Alexander (Committee member) / School of Mathematical and Statistical Sciences (Contributor) / Department of Economics (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05