This paper investigates the welfare implications of the rapid innovation in Central Processing Units, and, specifically, asks whether it results in inefficient elimination of basic Personal Computer configurations. I analyze a game in which firms make multiple discrete product choices, and...

This paper reviews lessons that can be learned from U.S. experiences with market-based environmental policies and from related research. Highlights of U.S. experience are summarized with four categories of policy instruments: pollution charges; tradable permits; market friction reductions; and...

When in-store display influences consumer choices, shelf space allocation can be strategically used by retailers to extract payments from manufacturers. The paper finds that manufacturers with better brand names have higher willingness-to-pay for shelf spaces. Shelf space fees soften inter-brand...

China's admission into the WTO in 2001 heralded a new era of globalization, increasing both import competition in domestic markets and foreign opportunities for US firms. In the aggregate, the average annual profitability of US public firms during the post globalization period (2003-2019)...

Persistent and significant privately-held stockpiles of crude oil have long been an important empirical regularity in the United States. Such stockpiles would not rationally be held in a traditional Hotelling-style model. How then can the existence of these inventories be explained? In the...