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Quality competition, by increasing sunk costs, may produce levels of concentration even higher than expected in its absence. Based on Sutton's model of endogenous sunk costs and quality competition, we show that consumers, under certain conditions, may benefit from higher industry concentration...
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competition and stranded costs recovery are not necessarily incompatible. Mechanism design is the key element in welfare analysis …
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This article proposes a dynamic efficiency wages model with imperfect competition on labor and product markets. In this framework, job insecurity generates a perverse effect on workers incentives, which shifts up the real wages schedule and may yield employment losses. Product market regulation...
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development costs. Consumer welfare is increased if an innovator creates a proprietary technology such that the market equilibrium … all generic producers out of the industry and increase output as a wealth-maximizing monopolist, consumer welfare is …
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