microfoundations, the welfare consequences of rent seeking can be studied. In particular, I show that competition among rent seekers …

microfoundations, the welfare consequences of rent seeking can be studied. In particular, I show that competition among rent seekers …

generalise the approach and analyse the behaviour of a competition authority, which attaches different weights to the firms' and … consumers' payoffs, with welfare-maximisation constituting a special case. The greater the importance of consumers is, the less … restrictions also depends on the competition authority's instruments. The essential insights continue to apply if firms are …

This paper empirically investigates market behavior and firms' lobbying in a unified structural setup. In a sequential … game, where firms lobby for regulation before they compete in the product market, we derive a testable measure of lobbying … coordination. Applying the setting to the early U.S. cellular services industry, we find that lobbying expenditures, as measured by …

-sided markets. In addition, we argue that his "consumer welfare" criterion is misleading and liable to deceive, thus the hoax. The … Bork's definition of "consumer welfare" - it includes the economic rents of the firm - all at a cost to consumers … no producer's surplus - the estimated loss of consumers' welfare in $60.4 and $43.7 billion respectively from Google and …

equilibrium, then the retail price is always higher and the social welfare lower in the competitive case, which exists only if …

surplus-sharing and product differentiation, it is chosen by the second mover to avoid Bertrand competition. The equilibrium …

-sided markets. In addition, we argue that his "consumer welfare" criterion is misleading and liable to deceive, thus the hoax. The … Bork's definition of "consumer welfare" - it includes the economic rents of the firm - all at a cost to consumers … no producer's surplus - the estimated loss of consumers' welfare in $60.4 and $43.7 billion respectively from Google and …