Stock-market crashes tend to follow run-ups in prices. These episodes look like bubbles that gradually inflate and then suddenly burst. We show that such bubbles can form in a Zeira-Rob type of model in which demand size is uncertain. Two conditions are sufficient for this to happen: A declining...

Stock-market crashes tend to follow run-ups in prices. These episodes look like bubbles that gradually inflate and then suddenly burst. We show that such bubbles can form in a Zeira-Rob type of model in which demand size is uncertain. Two conditions are sufficient for this to happen: A declining...

The Crisis in Telecommunications Carrier Liability addresses the important public policy issues underlying liability rules for common carriers in the context of telephone companies. These public policy concerns must be evaluated for their compatibility in achieving other public policy...

In today's telecom business environment, a thorough and accurate understanding of past mistakes goes a long way in ensuring future success. Providing you with an authoritative account of what contributed to the "Great Telecom Crash", this insightful resource explores the roots of the perfect...