Issue 1

September 1987

Resale Price Maintenance: Output Increasing or Restricting? The Case of Distilled Spirits in the United States

Theories of resale price maintenance (RPM) differ strongly on the pro-and anticompetitive effects of RPM. There are few tests of the welfare gains or losses from RPM in industry case studies.

Cost-Raising Strategies

This paper studies a variety of strategies by which firms could disadvantage rivals by raising their costs.

Are `Rational Conjectures' Rational?

The concepts of `rational conjectures' and `reasonable conjectures' are critically reviewed. It is shown that their operation depends crucially on an invisible, non-optimizing `deus ex machina'.

Advertising and Competition in Routine Legal Service Markets: An Empirical Investigation

This study's findings, together with the results of earlier studies of the relationship between advertising and market prices, provide considerable empirical support for the pro-competitive view of se

Market Forces and Commercial Aircraft Safety

This paper investigates the wealth impact on aircraft manufacturers of crashes involving their aircraft.

Research Expenditures and the Discovery of New Drugs

This paper examines technical change in the ethical pharmaceutical industry.

The Effect of Government Funding on Private Industrial Research and Development: A Re-Assessment

A number of previous studies have attempted to determine the effect of federal support of research and development (R & D) performed in industry on the rate of private investment in R & D, by

A Note on Allowed and Realized Rates of Return of the US Electric Utility Industry

For US electric utilities realized rates of return were less than allowed rates from 1977-82 and less than the market cost of capital from 1979-82.