Antitrust authorities have set up leniency programs for cartel members that denounce their collusive agreements. These programs help prosecute participants and can thereby deter collusion. We compare the impact of reduced fines and positive rewards and argue that rewarding individuals, including...

Regulators often do not regulate all firms competing in a given sector. Due to product substitutability, unregulated competitors have incentives to bribe regulated firms to have them overstate their costs and produce less, thereby softening competition. The best collusion-proof contract entails...

Entrants may provide information to a regulator, even when they cannot be regulated. With correlated costs, yardstick-like regulatory contracts based on the output of unregulated firms nullify information rents. But they give strong incentives to the regulated incumbent to bribe competitors. A...

Considers the contribution of Attilio da Empoli to the theory of value and distribution and especially his contribution to the theory of monopolistic competition. During the 1920s a lively discussion developed about the link between the cost structure of the individual firm and the degree of...

We propose a joint modeling of spot electricity prices, forwards prices and other derivative prices, using recent developments in discrete time asset pricing methods based on the notions of stochastic discount factor and of compound autoregressive (or affine) stochastic processes. We show that...

We prove that a natural monopoly can set subsidy free pricing and sustainable pricing schedules in general economic environment. The setting is a multiproduct and multiple agent contestable market where demands are elastic and where rivals can enter the sub-markets composed by a set of the...

This study examines the impact of real estate brokers on the price of residential properties sold in 2005 in twelve French cities. The results indicate that brokers increase the prices of properties they sell even though they appear to have heterogeneous behaviours across cities. The impact of...

We provide some existence results of stable pricings for natural monopoly as defined in the theory of contestable markets. The main addings are based on the assumption of separated markets and the possibilities of entries. We borrow tools from cooperative game theory. Following the work of...

We prove the existence of subsidy free and sustainable pricing schedule in multiproduct contestable markets. We allow firms to discriminate the local markets that are composed by a set of the products line and a set of agents. Results are obtained under an assumption of fair sharing cost and...