This study investigates the impact of internet on the academic publishing market and the strategies adopted by journals in response to the evolving landscape. Given the limited and inconsistent literature on the subject, our research aims to provide a comprehensive understanding of the effects of these technological advancements on the market. We examine different publication models, including traditional, open access, and hybrid options, and analyze their implications on the quality of published research, financial sustainability, and accessibility. Our primary findings reveal that the profit-maximizing publication model often diverges from the model that maximizes total social welfare, with the hybrid model frequently emerging as the most socially optimal choice. In contrast, each mod...[ Read more ]

This study investigates the impact of internet on the academic publishing market and the strategies adopted by journals in response to the evolving landscape. Given the limited and inconsistent literature on the subject, our research aims to provide a comprehensive understanding of the effects of these technological advancements on the market. We examine different publication models, including traditional, open access, and hybrid options, and analyze their implications on the quality of published research, financial sustainability, and accessibility. Our primary findings reveal that the profit-maximizing publication model often diverges from the model that maximizes total social welfare, with the hybrid model frequently emerging as the most socially optimal choice. In contrast, each model's optimal positioning varies based on market conditions and the pursuit of profit maximization or social welfare. The impact of the internet on social welfare is found to be inconsistent, depending on factors such as search costs and the choice of publication model. These findings contribute to the ongoing discussion on the future of academic publishing and provide valuable insights for stakeholders, such as authors, publishers, librarians, and policymakers. By understanding the intricate dynamics between publication models, market conditions, and stakeholder preferences, key players can make well-informed decisions that cater to the requirements of their respective communities and disciplines.