demand. It looks at a market with social effects where consumers want to do what is popular, to buy what they believe others … certain naive consumers into believing that demand is greater than it actually is. This will in turn increase the willingness … demand is lower than expected, even when the number of naive consumers is arbitrarily small. …

of flexible demand systems with representative expenditures (which reflects income distribution within countries) yields … a significant relationship between representative consumption and cross-country demand patterns. …

under demand uncertainty: we solve for equilibrium and optimum as benchmarks, and evaluate the efficiency of possible … first-best case, even though the capacity is higher than the capacity for the deterministic demand equal to the expected …

We study the efficiency of private supply of roads under demand uncertainty and evaluate various regulatory policies …. Due to demand uncertainty, capacity is decided before demand is known but tolls can be adjusted after demand is known …. Policy implications can differ considerably from those under deterministic demand. For instance, for serial links, the toll …