(no abstract)

Nobel Prize Lecture

I was born during the second World War in Montclair New Jersey. This was more or less an accident (the location that is). My father was based in Ottawa as a member of the War Time Prices and Trades Board, the Canadian version of wartime price controls. That work entailed frequent trips to...

Interviewers are Professor Karl-Gustaf Lofgren and Anne-Sophie Crepin, graduate student, Umea University.

The paper argues that entry is deterred in an industry when existing firms have enough capacity to make a new entrant unprofitable. This capacity need not be fully utilized in the absence of entry. This can result in larger costs than are necessary, given output levels. It also results in higher...

This paper studies the strategic interaction among firms in a growing market. It focuses upon the investment decisions of the firms. Central to the analysis is the idea that investment and growth for the firm are constrained by physical and financial factors. Firms that enter early and/or firms...

This paper deals with market problems that arise when a monopoly sets some aspect of product quality as well as price. It is argued that the market failure is associated with the inability of prices to convey information about the value attached to quality by inframarginal consumers. In the...