1. Introduction -- 2. Human Action and Entrepreneurship -- 3. The Concept of Human Action -- 4. Time, Uncertainty and Institutions -- 5. Cost, Profit and Loss -- 6. Entrepreneurship, Alertness and Knowledge -- 7. The Characteristics of Entrepreneurial Knowledge (I) -- 8. The Characteristics of...

This paper investigates price-setting for truly homogenous products sold in markets without any formal trade barriers. We use data from IKEA, a furniture company selling identical products in an identical shopping environment in different EU countries. We get four remarkable outcomes: 1) The law...

I develop a general framework for markup and markdown estimation that allows for profit sharing along value chains without making assumptions on conduct between vertically related firms. I derive the conditions under which the markup and markdown estimates relate to the firms' equilibrium...