A matter of antitrust: the debate over the role of government as referee of market competition
Related link(s): https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2009/summer/feature3_weblinks.cfm
The location and quality effects of mergers
Structure, conduct, performance, and welfare
Competition and productivity: a review of evidence
Does competition spur productivity? And if so, how does it do so? These have long been regarded as central questions in economics. This essay reviews the literature that makes progress toward answering both questions.
Jargon alert : Monopoly
Modelling complementarity in monopolistic competition
In recent years, monopolistic competition models have frequently been applied in macroeconomics, international and interregional economics, and economic growth and development. In this paper, I present a highly selective review in this area, with special emphasis on the complementarity and its role of generating multiplier processes, agglomeration, underdevelopment traps, regional disparities, and sustainable growth, or more generally, what Myrdal (1957) called the principle of circular and cumulative causation.
Postal peril: the checks aren't in the mail
Related link(s): https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2009/summer/feature1_weblinks.cfm
Learning in the marketplace: free entry is free riding
Sunk costs, contestability, and the latent contract market
The idea that an industry with sunk costs may be contestable even in the absence of long-term contracts has received little attention from formal economic theory yet is popular among monopolists facing antitrust suits. The paper formally illustrates the argument. In an infinitely repeated game, there exists a class of contestable outcomes in which the monopolist sells only on the spot market and charges low prices along the equilibrium path to prevent customers from resorting to long-term contracts. Then, the crucial test for contestability is the level of transaction costs in the latent ...