This paper tests the hypothesis that the net of extraction cost price of a natural resource does not change with volume. The hypothesis is shown to he a consequence of Hotelling's theory. The tests are performed on equations estimated by a nonparametric regression (ACE), and we show that the...

A low-cost foreign firm lowers its initially high price--dumping if necessary--until it drives the higher cost domestic firms out of business,whereupon it raises its price. At no time, however, does the foreign firm predate (price below its marginal cost). Tariffs, quotas, and other policies...

This paper uses a theory of the way information affects average prices, the price distribution across stores, and the degree of concentration within the retail grocery industry to estimate the effects of Vector Enterprise's consumer information program. Since 1972, Vector has ShOl1n each grocery...