"We extend Kamien and Tauman's (1986) analysis of the value of a patent. We find that an inventor can always design a fixed fee plus royalty contract such that his revenue is equal to the profit a monopoly endowed with the innovation could make on the market. This implies that the social value...

This paper examines whether exit favours maximal or minimal differentiation within an infinite horizon supergame with discounting played by three firms. With more than two firms, the problem of which firm exits the market is similar to a coalition formation one. Solving this coalition formation...

Poland provides a prime opportunity to study the emergence of businesses in newly formed capitalist economies and to compare this process with business creation elsewhere. Small businesses, which were virtually absent in Poland from 1940 to 1990, have now become, and are likely to remain, the...