Issue 1

March 2002

The Output Effects of Government Sponsored Cartels During the New Deal

This paper uses the National Industrial Recovery Act of 1933, which set up industry-wide cartels in the manufacturing sector of the US economy, to gain empirical insight into the current debate on the

Bertrand Competition Under Uncertainty

We look at a Bertrand model in which each firm may be inactive with a known probability, so the number of active firms is uncertain.

Market size and vertical integration: Stigler’s hypothesis reconsidered

According to Stigler [1951], vertical disintegration should be the typical development in growing industries, vertical integration in declining industries.

Strategic Vertical Differentiation and Durable Goods Monopoly

This paper considers a novel and strategic use of quality as a means for solving the durable-goods time inconsistency problem.

Strategy Fads and Competitive Convergence: An Empirical Test for Herd Behavior in Prime-Time Television Programming

The economics literature contains many theoretical analyses of imitation and differentiation strategies but relatively few empirical studies of these topics.

The productivity and wage effects of foreign acquisition in the United Kingdom

This paper provides a systematic empirical analysis of the impact of foreign ownership on productivity and wages in the United Kingdom.