When valuing market and non-market goods, people are often observed to have a range of acceptable values in mind, due to e.g., “coherent arbitrariness”, rather than a point estimate as suggested by rational choice theory. This lack of a point estimate may lead to biased values of willingness...

In a context of product innovation, we study two-part tariff licensing between a patentee and a potential rival which compete in a differentiated product market characterized by network externalities. The latter are shown to crucially affect the relative profitability of Cournot vs. Bertrand...