Optimal information revelation in procurement schemes.
A buyer procuring a single input possesses private information
about each potential supplier's degree of fit with the buyer's
needs. She can search among suppliers either sequentially . . .
Collusion under monitoring of sales.
Collusion under imperfect monitoring is explored when firms'
prices are private information and their quantities are public
information; such an information structure is consistent with . . .
Collusion and dynamic (under-) investment in quality.
In a dynamic game of investment in product quality, I investigate
whether collusive underinvestment equilibria can be supported by the
threat of escalation in investment outlays. When there are . . .
Do switching costs make markets more or less competitive? The
case of 800-number portability.
Do switching costs reduce or intensify price competition if firms
charge the same price to existing and new consumers? I study 800-number
portability to determine how switching costs affect price . . .
Exclusive contracts foster relationship-specific
investment.
Exclusive contracts prohibit one or both parties from trading with
anyone else. Contrary to earlier findings, we show that investments that
are specific to the contracting parties may be encouraged . . .
Simple estimators for the parameters of discrete dynamic games
(with entry/exit examples).
We estimate parameters from data on discrete dynamic games, using
entry/exit games to illustrate. Semiparametric first-stage estimates of
entry and continuation values are computed from sample . . .
Long-run price competition.
We generalize the standard repeated-games model of dynamic
oligopolistic competition to allow for consumers who are long-lived and
forward looking. Each period leaves some residual demand to . . .
Merger waves: a model of endogenous mergers.
We develop a model of endogenous mergers to study their dynamic
process. Firms choose whether, when, and with whom to merge. Two
necessary conditions are identified for mergers to occur: . . .
Seasonality in the U.S. motion picture industry.
The observed seasonality of box-office revenues reflects both
seasonality in underlying demand for movies and seasonality in the
number and quality of available movies. I separately identify . . .
Reliability and competitive electricity markets.
We derive the optimal prices and investment program for an electric
power system when there are price-insensitive retail consumers served by
load serving entities that can choose any level of . . .
The welfare effects of third-degree price discrimination with
nonlinear demand functions.
The welfare effects of third-degree price discrimination are
analyzed when demand in one market is an additively shifted version of
demand in the other market and both markets are served with . . .
Durable-goods oligopoly with secondary markets: the case of
automobiles.
We study the effects of durability and secondary markets on
equilibrium firm behavior in the car market. We construct a dynamic
oligopoly model of a differentiated product market to incorporate . . .
Consumer preferences and product and process R&D.
Firms often conduct both product and process R&D. Consumer
preferences typically play a vital role in determining these R&D
choices. The economics literature, however, has mostly ignored . . .
Corporate strategy and information disclosure.
We examine voluntary disclosures of information about corporate
strategies. We develop a model in which managers choose whether to
reveal their strategic plans only to some partners of the firm or . . .
Buy or wait, that is the option: the buyer's option in
sequential laboratory auctions.
We report results from an experiment on two-unit sequential
auctions with and without a buyer's option (which allows the winner
of the first auction to buy the second unit). The four main . . .
Auctions and information acquisition: sealed bid or dynamic
formats?
The value of an asset is generally not known a priori, and it
requires costly investments to be discovered. In such contexts with
endogenous information acquisition, which selling procedure . . .
Outsourcing, information leakage, and consulting firms.
I analyze the R&D investment of firms that decide between
outsourcing and in-house production when information leakage is present
(contractors learn clients' technology and can diffuse it . . .
Does divestiture crowd out new investment? The "make or
buy" decision in the U.S. electricity generation industry.
An empirical model of the "make or buy" decision faced by
independent power producers (IPPs) in restructured U.S. wholesale
electricity markets is derived to analyze power plant . . .
Ordered search.
I present an ordered-search model that, in contrast with
random-search models, yields an intuitively appealing equilibrium in
which there is price dispersion, prices and profits decline in the . . .
Does Sutton apply to supermarkets?
I present empirical evidence that endogenous fixed costs play a
central role in determining the equilibrium structure of the supermarket
industry. Using the framework developed in Sutton (1991), I . . .
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