opportunism and collective values. Shadow markets may, however, enhance consumer welfare by limiting the pricing power of firms …

, countrywide profits, and welfare. Firms face resource constraints and wages are simultaneously determined. Relative to free trade … technology. Domestic welfare is unambiguously penalized. Hence, the general-equilibrium cross-sector perspective goes against the …

restaurants and hotels. This study fosters the understanding of how such aggregators modify competition, profits and welfare …. Using a spokes model of horizontal competition, I show that review aggregators enhance total welfare mainly by making … valuable information available to consumers. The effect on welfare goes through different channels: 1) realised transactions …

This paper examines how the option for licensing affects research and development (R&D) and social welfare. We find … for licensing increases social welfare is ambiguous. If the possibility of licensing increases probability of success in R …&D significantly then welfare is higher in presence of licensing. …