gains, the merger lowers total investments and consumer surplus.Only if it entails suffcient effciency gains, will it be pro …-competitive. We also show there exist classes of models for which the results obtained with cost-reducing investments are equivalent … to those with quality-enhancing investments. …

a proprietary dataset that has the investments of banks at the security level for 2005-2012 in conjunction with the … their investments in securities, especially in those that had a larger price drop, with the strongest impact in low …

potential challenges. In this paper we focus on contracts to procure electricity from renewable sources that are inherently … unreliable (such as wind and solar). We determine the contracts that minimize the cost of procuring a given amount of renewable … energy from two risk-averse generators. We contrast outcomes arising when investments are set in centralised and …

This paper characterizes the optimal contracts issued to suppliers when delivery is subject to disruptions and when … reduces the risk of disruption. The manufacturer (buyer) either issues symmetric contracts or selects one supplier as a major …