I apply Ricardo’s principle of comparative advantage to a theory of factor substitutability in a model with a continuum …

than the public firm. Allocative efficiency therefore increases. Nevertheless, prices of the sector's output rise as … competition between private firms for the best motivated workers leads to higher wage cost than under the public monopsony …

We consider the efficiency of Cournot and Bertrand equilibria in a duopoly with substitutable goods where firms invest … in process R&D. Under Cournot competition firms always invest more in R&D than under Bertrand competition. More … importantly, Cournot competition yields lower prices than Bertrand competition when the R&D production process is efficient, when …

removing barriers to bank entry on bank competition and economic growth. As governments were not concerned about systemic … stability in this period, we are able to isolate the effects of bank competition from those of state implicit guarantees. We … states that retained state bank chartering policies. We argue that the fiercer bank competition following the introduction of …