In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the way houses are bought and sold in the United States. Our model is consistent with the observation that houses are sometimes sold above, sometimes below and sometimes at the...

In this paper we set out the welfare economics based case for imposing cartel penalties on the cartel overcharge rather than on the more conventional bases of revenue or profits (illegal gains). To do this we undertake a systematic comparison of a penalty based on the cartel overcharge with...

We are concerned with trade in transport services (not cabotage butrather international shipping, transport,and related logistical services) and the importance of competitionand market structure in the sector. Weexamine implications of liberalization for profits, trade, andnational gains from...