This paper develops a model of simple 'reputation systems' that monitor and publish information about the behavior of sellers in a market with search frictions and asymmetric information. The reputations created by these systems influence the equilibrium search patterns of buyers and thus...

We examine the effects of provision of information about seller qualities by a third-party in a directed search model with heterogeneous sellers, asymmetric information, and where prices are determined ex post. The third party separates sellers into quality-differentiated groups and provides...

We examine the effects of discrete changes in the availability of direct air services on the number of international visitor arrivals to New Zealand. We consider five different countries of origin and control for GDP and exchange rates. The results are mixed, suggesting that regional hubs and...

We focus on downstream uses of intellectual property (IP) that combine multiple rights and examine the effects of introducing an IP clearinghouse. We identify the two sometimes conflicting functions of clearinghouses: transaction cost reductions and coordination. We show that reduced transaction...

The International Handbook on Teaching and Learning Economics provides a comprehensive resource for instructors and researchers in economics, both new and experienced. This wide-ranging collection is designed to enhance student learning by helping economic educators learn more about course...

We develop a model of simple "reputation systems" that monitor and publish information about the behavior of sellers in a search market with asymmetric information. The reputations created influence the equilibrium search patterns of buyers and thus provide for market-based "punishment" of bad...

This paper investigates conditions that generate the so-called "waterbed" effect under price regulation. This is the effect whereby regulation of one price of a multiproduct firm causes one or more of its unregulated prices to change as a result of the firm's profit-maximizing behavior. A...

We study Nash implementation by natural price-quantity mechanisms in pure exchange economies with free-disposal (Saijo et al., 1996, 1999) where agents have weak/strong intrinsic preferences for honesty (Dutta and Sen, 2012). Firstly, the Walrasian rule is shown to be non-implementable where all...