En este artículo se estudian los equilibrios de mercado resultantes en una industria de facilidades esenciales, con un monopolio upstream y competencia oligopólica downstream, la que enfrenta posteriormente entrada en el segmento monopólico. Se encuentra que la competencia de duopolios...

I this paper we consider a market situation in which initially there is an unintegrated monopoly upstream entry and vertical integration. The equilibrium entry mode -sharing the incumbent facility or building a new facility- is derived as well as the equilibrium market structure. Several policy...

This paper shows that the effects of financial liberalization on the credit market of a small and capital constrained economy depend on the market structure of domestic banks prior to liberalization. Specifically, under perfect competition in the domestic credit market prior to liberalization,...

In this paper I study a multi-task principal agent model with a risk-neutral principal and a risk neutral agent subject to limited liability in an environment with adverse selection and moral hazard. The main results are as follows: (1) the optimal contracts in each possible case is a bonus-type...

This paper studies the problem of self governance in a model in which information flows are governed by the community structure. In each round of an infinitely repeated game, an agent and an investor, who is selected from a finite set of investors, play a trust game. Investors receive...

This paper studies which social networks maximize trust and cooperation when agreements are implicitly enforced. We study a repeated trust game in which trading opportunities arise exogenously and the social network determines the information transmission technology. We show that cohesive...

"Gas Market Integration in the Southern Cone" is part of a larger effort by the Inter-American Development Bank (IDB) to promote integration of energy markets in South America's Southern Cone region. This book offers a comprehensive analysis of the gas industry's evolution in the region,...

I propose a model of mergers in which synergies and CEO power play a crucial role. A merger is modeled as a bargaining game between the acquiring and the target board of directors, with the gains from a merger divided according to the generalized Nash bargaining solution. The model's...

We present a static general equilibrium model of an open economy where agents are heterogeneous in terms of observable wealth and there are endogenous credit constraints due to imperfect creditor protection. Improved credit protection, harder assets, and more efficient bankruptcy procedures...