This paper examines the role of patent policy in a spatial model of sequential innovation. Initial entrepreneurs develop a new product market and anticipate that subsequent innovation may lead to a product line that consumers value more highly. The likelihood of sequential innovation increases...

We examine the decision to advertise a homogenous good. We show that the likelihood of inefficiently low advertising rests heavily on how one models the mechanism by which advertising affects demand. Regardless of this mechanism, however, there is always a lower bound of concentration below...

We examine the decision to advertise a homogenous good. We show that the likelihood of inefficiently low advertising rests heavily on how one models the mechanism by which advertising affects demand. Regardless of this mechanism, however, there is always a lower bound of concentration below...

Recent innovations in digital learning and web-based technologies have enabled scalability in educational services that has previously not been feasible presenting a potential disruption in traditional higher education markets. This paper explores the impact of these innovations in a vertically...

This paper analyses mergers by Cournot firms producing differentiated products in a spatial market with product licensing by the merged firms. Product licensing allows the merged firms to co-ordinate their locations. If the degree of differentiation is not 'too low', a two-firm merger is more...

We analyze the interaction between entrepreneurs who open new markets and established, `fast second' firms to develop them. We use a spatially differentiated model in which early entry is traditionally excessive. However, the anticipated later entry by the `fast second' brand can potentially...

Cost synergies are an explicitly recognized justification for a two-firm merger, and empirical techniques are now widely used to assess the impact of cost-reducing mergers on prices and welfare in the post-merger market. We show that if the merger occurs in a vertically product differentiated...