We prove the existence of stationary equilibrium in the primary and secondhand markets for an indivisible consumer durable in a general model with stochastic degradation and endogenous scrappage decisions.

One of the most important and most contentious issues for regulation and competition raised by the 1996 Telecommunications Act is when to authorize the regional Bell companies to offer long-distance services. The Department of Justice (DOJ) adopted a standard requiring that a Bell's local market...

This paper examines the relationship between changes in telecommunications provider concentration on international long distance routes and changes in prices on those routes. Overall, decreased concentration is associated with significantly lower prices to consumers of long distance services.

In this paper we offer the Gibbs sampler as an alternative estimator to the the GMM procedure used by berry, Levinsohn, and Pakes (1995) (henceforth BLP) in their equilibrium differentiated product market analysis of the automobile industry.