ZWeR 2026, 320
Evidence-Based Cultural Policy – Advances in Empirical Research on Fixed Book Price Agreements
In the EU, Resale Price Maintenance (RPM) is usually prohibited under Art. 101(1) TFEU; however, exemptions are possible when consumers benefit from the measure (Art. 101(3) TFEU). The German Fixed Book Price (FBP) system is a form of RPM. This article evaluates the efficiencies of FBP systems as a well-documented example of RPM by reviewing recent high-quality empirical evidence, including natural experiments and structural welfare analyses. The findings show that these systems enhance consumer welfare by promoting non-price competition, fostering a dense network of independent bookstores, and increasing both product variety and total sales volume. While traditional theory suggests FBP systems increase consumer prices, newer data indicate nuanced effects, often showing average price reductions or negligible increases alongside substantial efficiency gains. These results support the use of FBP systems as an effective instrument for achieving cultural policy goals, such as protecting bibliodiversity and public accessibility to books. Ultimately, these conclusions corroborate the notion that evaluating the overall impact of RPM on consumer welfare needs to account for the specific features of the market at hand.
Contents
- I. Introduction
- 1. Cultural Objectives and Legal Framework of FBP
- 2. Economics of Vertical Restraints and RPM
- II. Hierarchy of Evidence-Based Research
- 1. Limits of Anecdotal and Theoretical Evidence
- 2. The “Gold Standard”: Natural Experiments and Causal Inference
- 3. The Shift Toward Evidence-Based Competition Policy
- III. Price Effects
- 1. Theoretical Ambiguity and Double Marginalization
- 2. Lessons from the UK: The Abrogation of the Net Book Agreement
- 3. Digital Markets: Agency vs. Wholesale Models
- 4. Empirical Findings from Policy Changes
- IV. Efficiency Effects
- 1. Quantifying Welfare Gains and Bibliodiversity
- 2. The Role of Brick-and-Mortar Bookstores and Showroom Effects
- 3. Market Segmentation and Channel Substitutability
ZWeR 2026, 321
- V. Conclusion
- 1. Synthesis of Empirical Evidence and Welfare Effects
- 2. Implications for European Competition Policy
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- *)Former Research Associate at the Chair for Industrial Organization, Regulation and Antitrust, Justus Liebig University Gießen
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- **)Prof. Dr., Professor for Industrial Organization, Regulation and Antitrust, Justus Liebig University Gießen
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- ***)Dr., Research Associate at the Chair of Economics of Innovation and Structural Change, University of Bremen; external project staff member at Justus Liebig University Gießen
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- ****)Research Associate at the Chair for Industrial Organization, Regulation and Antitrust, Justus Liebig University Gießen
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- *****)Dr., Research Associate at the Chair of Economics of Innovation and Structural Change, University of Bremen; external project staff member at Justus Liebig University GießenThis article is based on a report commissioned and funded by the German Publishers and Booksellers Association (Börsenverein des Deutschen Buchhandels e. V., hereafter Börsenverein). The authors were tasked with reviewing the economic literature on Fixed Book Price (FBP) systems and evaluating their suitability based on current empirical evidence. Some of the evidence discussed was generated by the authors during a prior research project on FBP systems, which was funded by the Börsenverein between 2018 and 2020 to cover personnel and data acquisition costs. The funders had no role in the study design, literature analysis, or the formulation of conclusions. The views expressed are strictly those of the authors.
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