This paper investigates strategic interaction among airlines in product-quality choices. Using an instrumental variables approach, the paper estimates flight-frequency reaction functions, which relate an airline's frequency on a route to its own characteristics and to the frequencies of...

This paper investigates strategic interaction among airlines in product-quality choices. Using an instrumental variables approach, the paper estimates flight-frequency reaction functions, which relate an airline's frequency on a route to its own characteristics and to the frequencies of...

Projects and firms are often financed by investor syndicates. I study how investors acquire and share information in syndicates and solve the entrepreneur's financial contracting problem. The key mechanism is that investors share information through strategic communication. Contracts determine...