This paper disproves the Smith and Ricardo theory of land and rent, and the Henry George single tax. In particular, it shows that land supply is not perfectly elastic, and that landlords are not doing nothing. This paper argues that land is as precious as diamond, that taxing land discourages...

Marketing research has traditionally focused on centralized brand-extension strategies where a brand expands its product offerings by controlling the design, production, marketing and sales of new products `in-house'. However, luxury brands frequently use `brand licensing' as a decentralized...

Ride-hailing apps usually match more efficiently than taxis, but they can enter a failure mode anticipated by Arnott (1996) that we call wild goose chases. High demand depletes the platform of idle drivers, so cars must be sent to pick up distant customers. Time wasted on pick-ups decreases...

Traditionally, municipal cable TV franchises were advanced as consumer protection to counter natural monopoly video providers. Yet historical evidence has demonstrated that franchise regulation - fraught with conflicts and delays, while ultimately proving ineffective in constraining rates -...

Recent months have seen intensified global calls for an intellectual property waiver of COVID-19 related vaccines, treatments and related products. Where one side of the debate elevates Intellectual Property Rights as on obstacle to affordable and expeditious global access to vaccines and...

A model of the firm with a delayed adjustment of prices and employment is analyzed. Prices and employment are determined under uncertainty about the location of the demand curve. Three models are distinguished: price setting with predetermined supply, employment determination with pre-determined...

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When organizations in technology industries attempt to advance their innovative activities, they must be cognizant of the intellectual property rights of others. Patent thickets can thwart ongoing innovation, however, and throughout the last 150 years, firms have stumbled into a number of patent...

This paper proposes a pricing framework that combines the occurrence of supply interruptions with financial compensations. Consumers post ex ante demands for a designated period. These demands are met if ex post supply capacity is sufficient. However, when supply is inadequate, all ex ante...

This is a preliminary draft of an Invited Symposium paper for the World Congress of the Econometric Society to be held in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and argue that auction-theoretic tools and intuitions can...