This paper investigates the properties of four demand systems that have been used to predict the effects of differentiated products mergers: the Almost Ideal demand System (AIDS), logit, linear, and log-linear (constant elasticity).

Trade barriers are failing and U.S. producers are competing in increasingly open international markets. Further, data reveal considerable heterogeneity across industries in the intertemporal path of import-penetration. Against this backdrop, we focus on an issue that is increasingly important...

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.