“Software platforms are the invisible engines that have created, touched, or transformed nearly every major industry for the past quarter century. They power everything from mobile phones and automobile navigation systems to search engines and web portals. They have been the source of enormous...

Intellectual property rights are monopoly rights, which have undesirable welfare properties. Therefore, several studies suggest using rewards as incentives for innovation instead. However, these studies have thus far had little effect on actual policy, possibly because such rewards may be...

Based on international advice, most countries have now adopted competition laws. The more competition, the better – especially for the small and medium enterprises (SMEs) that most need to compete. Yet, “better” competition laws (as measured by a range of characteristics commonly...

This paper builds a new model of financial exchange competition, tailored to the institutional details of the modern US stock market. In equilibrium, exchange trading fees are competitive but exchanges are able to earn economic profits from the sale of speed technology. We document stylized...

This paper examines security design in imperfectly competitive markets in which assets clear separately rather than jointly. Derivatives are generally nonredundant even with zero asset supply. We characterize the scope for introducing nonredundant derivatives and examine the welfare effects of...

Advances in market-clearing technology for multiple assets and synthetic products present alternative ways to leverage complementarities and substitutabilites in asset payoffs. This paper compares their equilibrium and welfare effects. Our results underscore the difference the price impact makes...

In this paper we study the effects of the changes in the level of product market regulation on the industry-level innovation intensity in the Electricity sector across 16 European countries during years 1990-2009. We matched data on R&D budgets and EPO patent applications from IEA and Eurostat...

La loi de nouvelle organisation des marchés de l'électricité s'inscrit dans le prolongement du processus d'ouverture à la concurrence du secteur européen de l'énergie électrique engagé par les États membres de l'Union européenne en 1996. Cette nouvelle loi, qui modifie et complète...

Les réformes qui ont conduit à la libéralisation des marchés de l’énergie ont considérablement influencé le comportement d’innovation des utilités électriques dans certains pays. Aux Etats-Unis, elles ont provoqué une diminution de l’investissement en R&D environnementale de ces...

Many analysts have argued that energy efficiency investments offer an enormous “win-win” opportunity to both reduce negative externalities and save money. This overview paper presents a simple model of investment in energy-using capital stock with two types of market failures: first,...