Information systems and the Internet have facilitated the creation ofused-product markets that feature a dramatically wider selection, lowersearch costs, and lower prices than their brick-and-mortar counterpartsdo. The increased viability of these used-product markets has causedconcern among...

Constantly rising expenditures for pharmaceuticals require government intervention in firms' pricing decisions. To this end, reference pricing systems are a frequently employed regulatory mechanism. This paper considers a duopoly market with vertically differentiated firms under different...

Constantly rising expenditures for pharmaceuticals require government intervention in firms' pricing decisions. To this end, reference pricing systems are a frequently employed regulatory mechanism. This paper considers a duopoly market with vertically differentiated firms under different...

This Policy Bulletin measures the gains to consumer welfare of the new "all distance"/"all you can eat" competition produced by the market-opening provisions of the Telecommunications Act of 1996. Analysis reveals that the consumer welfare gain amounts to approximately $10 billion per year, and...

Electronic coordination links markets at different locations that have initially been (partially) separated by transport costs. Rising competitive pressure should in turn affect incentives to differentiate products. In this paper investment decisions concerning transport cost reduction and...