Seldom are observed losing bids available in industry data. A special workshop of the Fed Cattle Market Simulator was designed to capture bids for each pen of cattle traded. Data enabled identifying buyer and seller behavior in the price discovery process, both before and after imposed mergers...

This paper employs firm-level panel data of 57 incumbent and entrant firms for 23 European countries in the decade from 2003 to 2012. We examine the impact of service- and facility-based competition on firm-level investment as well as the strategic effects underlying infrastructure investment...

In an industry where regulated firms interact with unregulated suppliers, we investigate the welfare effects of a merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private information of the merged firm. The optimal merger policy...