Parimutuel principles are widely used as an alternative to fixed odds gambling in which a bookmaker acts as a dealer by quoting fixed rates of return on specified wagers. A parimutuel game is conducted as a call auction in which odds are allowed to fluctuate during the betting period until the...

A parimutuel market microstructure for contingent claims trading is proposed and analyzed. A parimutuel microstructure is a call auction where relative equilibrium prices of contingent claims are endogenously determined using a specific mechanism. We propose a market microstructure incorporating...

This paper discusses how antitrust law and regulatory rules should be applied to network industries. In assessing the application of antitrust in network industries, we analyze a number of relevant features of network industries and the way in which antitrust law and regulatory rules can affect...

Two-sided market model in which platforms sell Internet access services to consumers and may set fees to content and applications providers 'on the other side' of the Internet. When access is monopolized, we find that generally net neutrality regulation (that imposes zero fees 'on the other...

This paper reviews the current conditions in the U.S. telecommunications industry. It first examines the impact of technological and regulatory change on market structure and business strategy, and then the impact on pricing of digitization and the emergence of internet telephony. Then the paper...