Issue 1

March 1996

Making Hay While the Sun Shines

This paper analyses the pricing behaviour of cross channel ferry companies in the eight year period between awarding the Channel Tunnel franchise and the completion of the construction of the Tunnel.

Customer Return Policies for Experience Goods

This paper studies the economic rationale for customer return policies, by focusing on the "experience goods" aspect of many products.

Quality Uncertainty and Price in Monopoly Markets

This paper examines a monopoly firm's pricing strategy in a market in which consumers have varying and imprecise estimates of the quality of the firm's product.

Price Advertising and Coupons in a Monopoly Model

The paper studies the pricing and advertising policies of a monopolist in a situation where consumers discover prices by costly search.

Corporate Restructuring and the Consolidation of US Industry

This study examines the impact of corporate restructuring measured at the industry level on industry concentration in 695 4-digit US industries in the basic, manufacturing and services sectors between

Estimating the Size Distribution of Firms Using Government Summary Statistics

Using a maximum entropy technique, we estimate the market shares of each firm in an industry using the available government summary statistics such as the four-firm concentration ratio (C4) and the He

Multi-Period Competition with Switching Costs: An Overlapping Generations Formulation

I examine an infinite-period duopoly market with positive consumer switching costs and overlapping generations of consumers.

Entrepreneur or Manager: Who Runs the Firm?

The paper studies the choice facing the owner of a valuable project.

Increasing Returns and Externalities in UK Manufacturing: Myth or Reality?

I apply the method of Caballero and Lyons to industry-level data for UK manufacturing. I find evidence for a positive external effect, arising from the expansion of manufacturing as a whole.