We study a new data set of US sports card conventions in order to evaluate the pricing theory of two-sided markets. Conventions are two-sided because organizers must set fees to attract both consumers and dealers. We have detailed information on consumer price, dealer price and, since most...

Most new consumer durable goods experience rapid prices declines and quality improvements, suggesting the importance of modeling dynamics. This paper specifies a dynamic model of consumer preferences for new durable goods with persistently heterogeneous consumer tastes, rational expectations,...

Standard discrete choice models such as logit, nested logit, and random coefficients models place very strong restrictions on how unobservable product space increases with the number of products. We argue (and show with Monte Carlo experiments) that these restrictions can lead to biased...

We analyze a dynamic model in which firms and consumers choose to adopt one of two technologies or delay their adoption. Adoption allows agents to trade with other adopters of the same technology. We show that there is an inefficient equlibrium in which THORN;rms differentiate across standards...

We study linkages between stock exchanges’ proprietary data sales and trading activity by analyzing the introduction of a new data product, New York Stock Exchange’s Integrated Feed (NYSE IF). Consistent with trading and information on trading being complements, firms that subscribed to NYSE...