The economics of spam
Spammers can make lucrative living even though only 50 in every million people respond to unsolicited commercial email.
While spamming cost are negligible the potential payoffs are "huge and very profitable", according to a paper by Andrew Leung of Canadian telco firm Telus.
Many of the themes of Leung's paper (e.g. the ineffectiveness of legislation against combating spam) are not new but he's assembled the information in a highly readable form that marks a useful contribution to understanding the spam problem. He's particularly strong on the economics of spam.
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