Liquidity plays a crucial role in financial exchange markets. Markets typically create liquidity through spatial consolidation with specialist/market makers matching orders arriving at different times. However, continuous trading systems have an inherent weakness in the potential for...

The structure of the telecommunications industry has changed substantially in the last decade, raising public concern that the quality of our information infrastructure may be adversely affected. This paper extends the standard vertical differentiation model of imperfect competition to address...

This short essay examines the current conditions in the US telecommunications sector (April 1999). We examine the impact of technological and regulatory change on market structure and business strategy. Among others, we examine the impact on pricing of digitization and the emergence of internet...