This paper studies an industry in which firms can choose to provide open or closed platforms. Open platforms, as opposed to closed, are extendable so third-party producers can develop extensions for them. Building on a two-sided market model, I show that firms might prefer to commit to keeping...

This paper studies the links between competition in the lending market and spreads of bank loans in Brazil. Evidence from a dataset of more than 13 million loan-level observations from private banks shows a positive relationship between market power, measured by the Lerner index, and the cost of...

Central bankers wish to ensure worldwide that large-value transfer systems, as a component of the key market infrastructure, exhibit sufficiently robust levels of operational resilience. We focus on the operational resilience of the Hungarian real time gross settlement system, known as VIBER....

The paper deals with the topology of the Hungarian large-value transfer system, known as VIBER. The paper is generally descriptive in nature, the goal of the research being the assessment of the payment topology. A graph theoretical framework is applied; the graph representation allows a...

This paper studies an industry where firms can choose to provide open or closed platforms. Open, as opposed to closed, platforms are extendable so that third-party producers can develop extensions for them. Building on a two-sided market model, I show that firms might prefer to commit to keeping...

In this paper we consider and evaluate NGA architectures which meet the foreseeable future bandwidth demand and allow for highest bandwidth and quality for end-users and which no longer rely on copper cable elements. These are FTTH architectures only. From all available FTTH architectures we...

This paper presents a model of bundling and tying when the threat of entry provides the primary competitive constraint, but entrants have a disadvantage with respect to the incumbent, i.e., in a, “nearly contestable,” market. The entrant's disadvantage can be with respect to marginal costs,...

We consider price-fee competition in bilateral oligopolies with perfectly-divisible goods, non-expandable infrastructures, concentrated agents on both sides, and constant marginal costs. We define and characterize stable market outcomes. Buyers exclusively trade with the supplier with whom they...

We consider price-fee competition in bilateral oligopolies with perfectly-divisible goods, non expandable infrastructures, concentrated agents on both sides, and constant marginal costs. We define and characterize stable market outcomes. Buyers exclusively trade with the supplier with whom they...

Starting in 2013, authors of copyrighted work and their successors will be able to terminate every assignment and license 35 years after execution. These termination rights are inalienable and are expected to have a substantial impact on some industries, and in particular, the music...