The way that private copies have become part of everyday life through digital technologies is challenging the commercial logic of the dissemination of content protected by copyright and favouring free access for consumers. This paper analyses arguments developed in the economic literature to measure the extent of the problem and evaluate the relevance of various regulatory solutions. The authors highlight the absence of a universal solution, and the various institutional arrangements suited to particular situations. The adoption of efficient regulations implies the taking into account of publishers' and authors' indirect capacity for appropriation of the value of copies of their works. If this value is high enough, the private copy should be authorized and no compensation paid to the owners of copyright. Otherwise, a policy of subsidies is sometimes preferable to the application of a system of royalties.