This paper argues that the Irish economy is characterised by high levels of industrial concentration and weak competition. Competition rules introduced in 1991 and strenghthened in 1996 have had a significant effect in many markets, but those with the most extremely anti-competitive markets have...

This paper analyses competition between direct and intermediated trade. We show that a middleman's supply and demand depend on both his bid and ask prices if sellers and buyers have the alternative of trading directly. Multiplicity also prevails. Direct trade does not constrain the market power...

This paper examines how the introduction of a direct trade alternative for buyers and sellers affects competition among middlemen. Direct trade makes the middlemen's supply and demand functions depend on both bid and ask prices, a feature we term interdependence. A simple model is used to...

This paper develops a theoretical model of how bookmakers' odds are determined, given varying levels of inside information on the part of punters. Bookmakers' attitudes towards risk and the degree of competition between them will influence bookmaker behaviour. Using a data set of 1,696 races in...