This paper considers the possibility of monopolizing a three-firm industry through acquisition of rivals in the absence of the restrictions imposed by the antitrust authorities. The analysis is conducted in two models: a static and a dynamic model of monopolization by a single buyer. In contrast...

The article focuses on the emergence and operation of cartels in sectors in which companies differ in terms of production costs. The author shows that stable cartels can operate in sectors made up of enterprises that are heterogeneous in terms of costs and based on price leadership. However,...

We consider a transaction costs model of sovereign debt buybacks in this paper. We show that both secret and publicly known buybacks are profitable for the debtor country. Furthermore, the government of the debtor country would like to spend all of its initial endowment to buy back its debt as...