This paper investigates the optimal design of crowdfunding where crowdfunders are potential consumers with standard motivations and entrepreneurs are profit-maximizing agents. We characterize the typical crowdfunding mechanism where the entrepreneur commits to produce only if aggregate funding...

Este artículo revisa los principales argumentos que la Economía pone a disposición del analista a la hora de juzgar las políticas de control del tabaquismo, y describe con detalle la cuestión de los fallos de mercado tanto desde la óptica tradicional como desde la perspectiva de los...

For an arbitrary number of networks, I study the impact of asymmetric interconnection charges on competition for consumers and websites in the Internet backbone market. I show that the configuration of interconnection charges has important implications for the market structure.

We study a retail benchmarking approach to determine access prices forinterconnected networks. Instead of considering fixed access charges asin the existing literature, we study access pricing rules that determinethe access price that network i pays to network j as a linear functionof the...

We study how access pricing affects network competition when consumers'subscription demand is elastic and networks compete with non-linearprices and can use termination-based price discrimination. In the caseof a fixed per minute termination charge, our model generalizes theresults of Gans and...

We analyse credit market equilibrium when banks screen loan applicants. When banks have a convex cost function of screening, a pure strategy equilibrium exists where banks optimally set interest rates at the same level as their competitors. This result complements Broecker's (1990) analysis,...

European and the US mobile communication services markets have developed in rather different ways. There are striking differences in termination regulation and retail pricing models and one may wonder why this occurred and whether either of the markets outperforms the other in terms of...

Calculating explicit closed form solutions of Cournot models where firms have private information about their costs is, in general, very cumbersome. Most authors consider therefore linear demands and constant marginal costs. However, within this framework, the nonnegativity constraint on prices...

Calculating explicit closed form solutions of Cournot models where firms have private information about their costs is, in general, very cumbersome. Most authors consider therefore linear demands and constant marginal costs. However, within this framework, the nonnegativity constraint on prices...