Chapter 18 The economics of collective management
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This chapter begins by defining collective management (of copyright and related rights) and collective management organizations (CMOs). After briefly reviewing possible definitional characteristics, the first part of the chapter uses a functional approach to define CMOs and then explains their economic and noneconomic functions. The next part discusses key aspects of the economic analysis of collective management, namely the justification for collective management, and the valuation of licensed repertoires (or copyright works or objects of neighboring rights) and individual works within such repertoires. This includes a survey of major economic models used in this field. The second part ends with a discussion of efficiency issues related to collective management. The third and last part considers the specific aspects that arise in collective management when it is applied to online uses of copyright material

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