The Dual Hot-Gas Bypass Defrosting (DHBD) cycle is an effective defrosting method compared to a Reverse Cycle Defrosting (RCD) method to remove frost from the outdoor heat exchanger (HEX) of an air-to-air heat pump, especially the outdoor temperature is above 0°C. However, the DHBD method has a...

In this paper, we theoretically analyze Microsoft's tying practice in the instant messenger market. Using a model that highlights distinct features of the instant messenger, which are different from the cases of the web browser and the media player, we show that Microsoft can leverage its...

We study a decentralized trading model as in Peters (1984a), where heterogeneous market participants face a trade-off between price and trade probability. We present a novel proof of existence of a unique demand vector in Nash equilibrium, based on a recursive approach that exploits the...

The lack of complete information of the government has been considered as a barrier to the optimal regulation, as it is well-known in price regulations literature. However, it is not true for the entry regulation: This paper shows that the performance of the entry regulation under incomplete...

We claim that Posner's nuisance rule maintains the efficiency feature even under severe informational asymmetry. This paper, as a critical assessment of an overly complicated order-reporting mechanism by Kim [2002], argues that Posner's original value-reporting mechanism alone is enough to...

The literature on excess entry shows that the free-entry equilibrium number of firms may be greater than is socially optimal, and proposes government entry regulation as a remedy. This article tries to show that such a policy recommendation is misleading. A two-period, three-person entry game...

I develop a two-period model of entry deterrence with endogenous market demands such that the consumer's expectation about the future market structure is fulfilled in equilibrium. I find that both expectations (duopoly and monopoly) are fulfilled in the incumbent's price-setting game, while...

This paper is about limit pricing under complete information and endogenous market demands. If pre-entry and post-entry market demands are correlated, then limit pricing can be an equilibrium strategy under complete information without government intervention. Furthermore, with government...