Researchers have presented evidence that, at certain times in particular industries, initial public offerings (IPOs) of firms' stocks are underpriced. Several models have been developed that offer explanations of these "hot issue" markets; e.g. Baron's model (1982), in which investment bankers...

The Federal Communications Commission recently implemented rules to promote “network neutrality.” This paper attempts to answer three questions concerning these rules: (1) What economic problem do the rules supposedly address? What does economic theory indicate about the risks of...

Last year's Annual Report and Analysis of Competitive Market Conditions with Respect to Mobile Wireless broke new ground by not concluding, as had prior reports, that the wireless services market was “effectively competitive.” This year's report did the same. The 14th and 15th reports review...

We present the findings of economic research regarding the issues surrounding net neutrality and regulation of the internet under Title II of the Communications Act. Our purpose here is to review what has been demonstrated in the economics literature rather than to advocate particular decisions...

A structural model is developed which incorporates bank decisions on productivity, risk taking and customer satisfaction into an equilibrium model of banking markets. This structural model is estimated directly for 219 large U.S. banks, 1984-1992. The results are: (i) banks differ widely in...