functions receives zero profits and therefore no informational rents. If first best welfare is monotone in the efficiency …

-versa. Using data from the Annual Manufacturing Survey, which include plant-level prices, we generate measures of plant … efficiency, the reforms introduced in Colombia generated only modest improvements. …

(deregulation) and improving contractual enforcement (legal reform). Deregulation fosters entry, thereby increasing the number of … deregulation, as it preserves incumbents' rents, while at the same time allowing the less efficient among them to transfer control … and capture (part of) the resulting efficiency gains. Using this insight, we show that there may be dynamic …

This Paper develops an argument explaining why retail prices may rise in response to the deregulation of opening hours … where one retailer stays open for longer than the other does. Both retailers charge higher prices than under regulation, and …

empirical researchers. When products differ according to production technique or the way in which they enter demand, this data … policy shocks such as deregulation. More generally, we demonstrate that product switching gives rise to a richer set of …

Theoretical IO models of horizontal mergers and acquisitions make the critical assumption of efficiency gains. Without … efficiency gains, these models predict either that mergers are not profitable or that mergers are welfare reducing. A problem … here is the empirical observation that on average mergers do not create efficiency gains. We analyze mergers in a model …