This paper analyzes the productivity in the US rail industry for the period 1980 - 2006. I propose a value-added production framework to circumvent the problem of measurement error in one input. I find evidence showing that aggregate productivity gains can be attributed to returns to scale and...

This paper estimates the nature and effects of quality and cost innovations in the early automobile, personal computer, rigid disk drive, computer monitor, and computer printer industries using industry-level data on firm numbers, price, quantity, and quality along with an equilibrium model of...

This paper estimates a dynamic, structural model of entry and exit in an oligopolistic industry and uses it to quantify the determinants of market structure and long-run firm values for two U.S. service industries, dentists and chiropractors. Entry costs faced by potential entrants, fixed costs...

We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee...

This study contributes to the empirical industrial organization literature by deriving and estimating the empirical equation containing the parameter for bargaining power and an indicator of competition between suppliers. We specify a reduced form of the price equation, which is composed of the...

This paper focuses on the pricing behavior of Japanese and United States firms selling their identical products in New York City, Chicago, Osaka, and Tokyo. The authors utilize some simple models of international price dispersion and market segmentation that generate predictions about testable...

For criminal violations of the Sherman Act, although guided by federal sentencing guidelines, U.S. Department of Justice has great latitude in recommending corporate cartel fines to the federal courts, and its recommendations are nearly always determinative. In this paper, we analyze the...

This paper investigates the impact of the digital camera on the demand for photographic film that are now facing the declining demand. Although few studies estimate demand function of declining industry, it is important in an oligopoly market to know how the slope of demand function changes when...

We develop a discrete-choice model of differentiated products for U.S. corn and soybean seed demand to study the welfare impact of genetically engineered (GE) crop varieties. Using a unique dataset spanning the period 1996-2011, we find that the welfare impact of the GE innovation is...

In this paper we study the impact of competition on the provision of quality in the US airline industry. Using changes in competition triggered by LCC entry and airline mergers, we find that an increase in competition increases the provision of quality of major incumbent and non-merging airlines...