This article proposes an identity regarding economic outcomes when producers maximize profits, with free entry and exit of firms. The identity links consumer and producer theory and leads to several results that contribute to understand what should - and should not - be expected under the...

This is the first study to simultaneously estimate the influence of market power and efficiency on profitability of banks in a Pacific Island context. Two market power hypotheses — the Structure-Conduct-Performance (SCP) and the Relative-Market-Power (RMP) hypotheses together with two measures...

This paper suggests that international roaming markets suffer from structural flaws in the way that roaming agreements are established in Europe. The initial roaming interventions by the European Commission in 2007 have been very welfare enhancing and the transfer of producer surplus to...

This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, ie "proof-of-work". Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first,...

This publication features conversations on antitrust law with Nobel Prize laureates in Economics and aims at understanding how useful their work could be to antitrust law. Given the rigor and importance of their body of work, antitrust scholars, lawyers, officials, and anyone who's interested in...

This paper generalizes the standard transfer pricing concept of implicit support flowing from a parent company to its subsidiary. The first extension is to assume that implicit support might be ve or -ve for the recipient. The second is to consider the possibility of implicit support flowing...

Open data are held to contribute to a wide variety of social and political goals, including strengthening transparency, public participation and democratic accountability, promoting economic growth and innovation, and enabling greater public sector efficiency and cost savings. However, releasing...

This paper discusses the regulation of mass metadata surveillance in Europe through the lens of the landmark judgment in which the Court of Justice of the European Union struck down the Data Retention Directive. The controversial directive obliged telecom and Internet access providers in Europe...

Bitcoin provides its users with transaction-processing services which are similar to those of traditional payment systems. This paper models the novel economic structure implied by Bitcoin's innovative decentralized design, which allows the payment system to be reliably operated by unrelated...

The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, ie a regulatory framework that provides for compliance in tokenised markets to be automatically monitored by reading...