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consumers we establish see-saws between consumers and advertisers. Entry of a lower-quality platform increases consumer surplus …, but decreases advertiser surplus if industry platform profits decrease with entry. Merger decreases consumer surplus, but …
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Taxation under oligopoly is analysed in a general equilibrium setting where the firms are large relative to the size of the economy and maximise the utility of their shareholders. It turns out that the model is an aggregative game, which simplifies the comparative statics for the effects of...
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Comparative-statics results for financial options are often assumed to hold for real options. But the effects of higher volatility need not be increased value and postponed investment. This depends on signs of correlations and what parameters are held constant. For real options, the...
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