We clarify the conventional claims concerning the most popular damage measures: expectation damages (ED), constant damages (CD), and reliance damages (RD). We strictly examine strategies versus outcomes in equilibrium and make several new investigations. In terms of equilibrium outcomes, we...

The directed search model (Peters, 1984) is static; its dynamic extensions typically restrict strategies, often assuming price or match commitments. We lift such restrictions to study equilibrium when search can be directed over time, without constraints and at no cost. In equilibrium trade...

This paper shows that an incumbent monopolist's incentive confronting a new entrant depends on the degree of product differentiation and the strength of network externality. If products are homogeneous, the incumbent never wants to invite entry regardless of the degree of network externality. On...

The lack of complete information has been considered as a barrier to the optimal regulation. This paper shows that this is true for price regulation, but not for entry regulation. The performance of an entry regulation under asymmetric information can be better than that under complete...