We propose and investigate a new channel through which the resource curse - a stylized fact that countries rich in natural resources grow slower - operates. Predatory governments are more likely to expropriate corporate profits in natural-resource industries when the price of resources is...

This paper examines some of the determinants of total factor productivity growth using a sample of 216 large UK firms observed over the period 1974–90, and then using three further samples which were used to check the robustness of the results. The main focus of the paper is on identifying the...

I revisit the relation between aftermarket power and basic market competition. I consider an infinite period model with overlapping consumers: in each period, one consumer is born and joins one of the existing installed bases, then aftermarket payoffs are received by sellers and consumers, then...

Local merchant guilds were ubiquitous in medieval Europe, and their development was inextricably linked with the development of towns and the rise of the merchant class. We develop a theory of the emergence of local merchant guilds as an efficient mechanism to implement collusion among merchants...

Motivated by recent controversies surrounding the role of commercial lenders in microfinance, we analyze borrower welfare under different market structures, considering a benevolent non-profit lender, a for-profit monopolist, and a competitive credit market. To understand the magnitude of the...

The paper discusses economic theories of harm for anti-competitive margin squeeze by unregulated and regulated vertically integrated firms. We review both predation and foreclosure theories, as well as the mere exploitation of upstream market power. We show that foreclosure provides an...

Despite the increasing importance of and huge growth in SSOs and the flurry of research on the economics of SSOs in the last decade, no comprehensive review of the literature exists. Such an undertaking is beyond the scope of this paper. Here, we address a more modest goal: a selective review...

We study the repeal of a regulation that imposed maximum wholesale and retail markups for all but five fresh fruits and vegetables. We compare the prices of products affected by regulation before and after the policy change and use the unregulated products as a control group. We find that...

Polish economic data are assembled in order to assess the impact on the agricultural sector of the recent reforms. Evidence of recovery in this sector is slight, but the decline seems to have halted. Policy issues for agricultural reform are discussed, emphasizing regulation of monopolistic...

We estimate, using event study techniques, the impact of the main events in an antitrust investigation on a firm’s stock market value. A surprise inspection at the firm’s premises has a strong and statistically significant effect on the firm’s share price, with its cumulative average...