This paper examines the impact of introducing high-speed trains on consumer welfare using South Korean transportation industry data. The model treats the rail company's choice of train schedules as endogenous in order to take the firm's choices of product line into account. I estimate a model of...

POSCO has played a major role in Korea’s economic development by supplying domestic manufacturers with high-quality, low-cost steel products. Despite its initial disadvantage and lack of resources such as capital, technology, and raw materials, it has emerged as a world-class steel maker in a...

Traditional oligopoly theories of markets where products are differentiated predict that entry of new firm enhances competition and thereby brings down the equilibrium market price. These theoretical predictions are, however, often challenged by contrasting empirical evidence suggesting that...

In 2003, the dominant former monopolist, which was subject to a stringent price regulation, and the new entrant in the local calls market of Korea made an agreement in which the entrant was to raise the price while the incumbent was to hand over market shares or transfer money using...