This paper studies the pricing problem of a durable-goods monopolist. It finds that contrary to the existing literature, profits from selling durable goods might be higher than from leasing when the products exhibit network effects. Under the influence of network effects, there exist multiple...

The “decoupled” liability system awards the plaintiff an amount that differs from what the defendant pays. The previous approach to the optimal decoupling design is based on the assumption of complete information, which results in an optimal liability for the defendant “as much as he can...

At each age an organism produces energy by foraging and allocates this energy among reproduction, survival, growth, and intergenerational transfers. We characterize the optimal set of allocation decisions that maximizes reproductive fitness. Time preference (the discount rate) is derived from...