Consumer arbitrage affects discriminatory pricing across markets in several ways. If all consumers face the same arbitrage costs, a monopolist's profit increases with arbitrage costs, and overall welfare declines with them (if output does not rise). If arbitrage costs differ across consumers, a...

Public sales art catlLlogues inc:1ucle low and high pre-sale price estimates made by experts. This makes it possible to analyze whether salerooms behave rationally or not, when setting their estimates. Rationality is tested using a sample of some 1,600 lots of English silver sold at auctions by...