The paper first summarizes the benefits of competition, i.e. why competitive markets are more efficient than oligopolistic or monopolistic markets, and the threats to competitive markets from cartels, concentration, and government interference. In the main part, the paper presents the key...

We are concerned with economic analyses of markets from the perspective of supporting a decision maker selling in the market. The competitive pressure and the price formation are central issues. The goal of this paper is to highlight the remarkably different price patterns obtained from...

We analyze a unique dataset to test an empirical model of retail bank fee determinants in five Central European countries. Due to the data structure we can cope with heterogeneity and cross-subsidization by employing a representative fee index instead of using variables associated with...

Starting from basic hypotheses on how footprints from hidden orders are interpreted by short-term traders, we derive a fair price model that predicts market impact for non-uniform participation rate schedules. We use this model to derive an optimal execution schedule for a risk-averse trader....

According to received Economic Theory, the implementation of price discrimination by a firm requires market power, at least in the short term. However, mere observation of reality, confirmed by empirical studies, shows that in extremely competitive industries, with approximately zero economic...

In his 2012 article, “Revisiting the Revisionist History of Standard Oil”, Christopher Leslie takes issue with John McGee's work on predatory pricing and its influence on antitrust law and scholarship. Leslie claims McGee's analysis was methodologically flawed, ideologically motivated, but...

The effects of mergers on the media marketplace have historically failed to live up to dire predictions. Mergers are often a response to technological upheaval and turbulence in the media industry and firms should be allowed to experiment with such alternative business models with the intent on...

This article provides a simple account of the effect of quality competition on the extent of sequential entry accommodation for a differentiated oligopoly market characterized by locational differentiation. The model is solved with consumers seeking a “love for quality” surplus utility while...

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...

This paper studies the effect of differences in the rate of technological progress between sectors on the relative sizes of those sectors in terms of revenues. There are two sectors: a stagnant sector, where productivity does not change over time, and a progressive sector, where costs decrease...