Individuals who are unaware of the price do not derive more enjoyment from more expensive wine. In a sample of more than 6,000 blind tastings, we find that the correlation between price and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines...

The private manufacturing sector has been called upon to play a key role in the transformation and development of the Vietnamese economy since the launching of market oriented reforms a decade ago. Drawing on a comprehensive survey in 1997 of some 500 non-state manufacturing enterprises in...

Following new legislation the Swedish electricity market is about to be deregulated. The new system is designed to ensure competition in production and supply. The Swedish electricity market is characterised by a high degree of concentration on the seller side. In this paper we use a simple...

This study analyzes under what labor- and product-market structures a firm may hire more labor than needed to produce its profit maximizing output. Three labor-market structures are studied: (1) decentralized (firm-specific unions), (2) one-sided centralization (central union and several firms),...

Vietnam has witnessed a dynamic restructuring of its non-state enterprises since the initiation of market reforms in the late 1980s. Based on the results of 371 private sector enterprises surveyed in 1991 and 1997, this paper analyses the transformation of one category of resurveyed enterprises...

Vietnam has witnessed a dynamic restructuring of its non-state enterprises since the initiation of market reforms in the late 1980s. Based on the results of 371 private sector enterprises surveyed in 1991 and 1997, this paper analyses the transformation of one category of resurveyed enterprises...

This paper examines the relation between prices in conventional stores and on the Internet. Main results from the theoretical analysis are i) we expect a discrete fall in prices in conventional stores as the share of the population with access to Internet reaches a critical level, ii) the...

The purpose of this paper is to quantitatively evaluate the impact on electricity prices of deregulation and free trade in the Nordic countries. The analysis is focused on the impact of increased competition on market power and the degree of monopolistic pricing. The major tool for our analysis...

Two weak restrictions on equilibrium market structures are that firms who decide to enter make sufficient profits to cover entry costs and fixed costs of production, and that no new firm could profitably enter. I examine these restrictions by the size distribution of firms in the same industry,...

The private manufacturing sector has been called upon to play a key role in the transformation and development of the Vietnamese economy since the launching of market oriented reforms a decade ago. Drawing on a comprehensive survey in 1991 of some 1,000 non-state manufacturing enterprises in...