How do firms' sales interact across markets? Are foreign and domestic sales complements or substitutes? Using a large … firms' demand on foreign markets to instrument yearly variations in exports. We use alternatively as instruments product …

We experimentally examine the effects of flexible and fixed prices in markets for experience goods in which demand is … driven by trust. With flexible prices, we observe low prices and high quality in competitive (oligopolistic) markets, and … high prices coupled with low quality in non-competitive (monopolistic) markets. We then introduce a regulated intermediate …

Centralized markets with large numbers of buyers and sellers are generally thought of as being competitive and well …-functioning. However, an important role of centralized markets is matching heterogeneous products, such as fish, to buyers of these …

This paper examines the properties of exams and markets as alternative allocation devices under borrowing constraints …. Exams dominate markets in terms of matching efficiency. Whether aggregate consumption is greater under exams than under … markets depends on the power of the exam technology; for a sufficiently powerful test, exams dominate markets in terms of …

This Paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces …