Like other oil-importing countries, the Republic of Korea was surprised by the rapid oil price escalation of the 1970s. Following the lead of the United States, Europe, and Japan, Korea's energy policy in the mid-1970s was based on reducing oil imports by substituting other fuels, installing...

This paper analyzes the self-selection problem in a monopoly market where (1) consumer types are characterized by both utility of service and disutility of interrupted service and (2) qualities (reliabilities) are interdependent. The authors derive behavior of a profit-maximizing monopolist in...

The present study investigates the effects of piracy on the quality decisions of a firm that produces two versions of an information good: that is, one version for a consumer with a high willingness to pay and a second version for a consumer with a low willingness to pay. On the assumption that...