What is the impact of the increasing dominance of conventional firms in e-commerce? We use a simple model to show that retailers who only sell through Internet have lower on-line prices than retailers who also sell through conventional stores. This proposition is firmly supported by our...

Does the common currency promote goods market integration within the EMU? We argue that such an effect is likely, but that the mechanism typically proposed - lover costs of arbitrage because of increased price transparency - is likely to be of minor importance. Instead we sketch a duopoly model...

We provide a model that explains the following empirical observations: i) private ownership is more efficient than public ownership, ii) privatizations are associated with increases in efficiency and iii) the increase in efficiency predates the privatization. The two key mechanisms explaining...