This article examines timing and profits in investment-timing games where two or more firms vie to make an indivisible one-time investment. It shows that whether perfect-Nash equilibrium timing strategies eliminate rents depends on whether it is costly for rivals to threaten preemption credibly....

This article develops and estimates an empirically tractable model of equilibrium storage. The method bridges the gap between theoretical rational expectations models and applied commodity market work. The application to the U.S. refined copper market provides estimates of structural supply and...

In this article we consider the ways in which the desire for efficient, low-cost adaptation to change influences the tradeoff between the design and duration of long-term contractual relationships. We examine the distortions in contract terms occasioned by nonprice competition for natural gas in...

Patent and antitrust policy are often presumed to be in conflict. As an important example, there is ongoing controversy about whether price discrimination by a patent holder is an illegal or socially undesirable exploitation of monopoly power. In this article we show that no conflict exists in...

We discuss three common mechanisms for achieving coordination, with particular reference to the choice of compatibility standards. The first involves explicit communication and negotiation before irrevocable choices are made: It represents what standardization committees do. The second...

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This note questions the contention in recent work by Mathewson and Winter that resale price maintenance can be mimicked in its effects by other vertical restraints. I argue that territorial restraints may be of little use as a substitute for price restraints, but that they may have other...