Using the overcharge estimates for 406 cartel episodes, I evaluate the impact of cartel characteristics and market environment on the size of the overcharges imposed by cartels in different geographic markets and during six antitrust law regimes starting from the 18th century. I find that the...

Post Keynesian macrodynamic models make various assumptions about the normal rate of capacity utilization. Those rooted in the Classical and neo-Keynesian traditions assume the normal rate is fixed, whereas Kaleckian models treat it as a variable that is endogenous to the actual rate of capacity...

Using the data on 238 cartelized markets we evaluate econometrically the impact of cartel characteristics as well the market and legal environment of cartel operation on cartel stability. The latter is measured as the expected number of repeated attempts to form a cartel in the same product...

A parsimonious theoretical model of second degree price discrimination suggests that the business cycle will affect the degree to which firms are able to price-discriminate between different consumer types. We analyze price dispersion in the airline industry to assess how price discrimination...

Trading and investment strategies play an essential part in better understanding fixed income markets. Over-the-counter markets and thousands of different outstanding bonds increase the difficulties to identify adequate comparison methods. Market participants and their practices differ widely...

It is usual to estimate willingness-to-pay in discrete choice models through Logit models –or their expanded versions-. Nevertheless, these models have very restrictive distributional assumptions. This paper is intended to examine the above- mentioned issue and to propose an alternative...

This paper compares two regulatory devices for handling (access to) bottlenecks in deregulated network industries: (1) a local price cap and (2) a global price cap, the latter of which applies the efficient component pricing rule. The local price cap restricts profit regulation to the...

With the introduction of incentive regulation in many network industries, different approaches how to remunerate invested capital have been used. Under incentive regulation, many regulators remunerate the regulated asset base with a weighted average cost of capital (WACC) based on a pre-defined...

The likely resurgence of air traffic in the U.S. means that airport congestion is a problem that must soon be confronted by policy makers. As part of their policy response, it is probable that some form of congestion pricing will be imposed at selected U.S. airports in the relatively near...

A theoretical model is adopted in order to examine optimal fare and optimal quality of supply schemes for a transport operator. The analysis shows how fares and quality of supply are related to travel distance and to the transport operator's weight on profit versus consumer surplus. Under...