This paper theoretically analyzes the role of reference prices on competition and welfare in a context of a circular city model with free entry and reference prices, in which paying market prices above a reference negatively affects the utility of consumers. Agents interact in a three-stage...

According to economists of the Austrian school, even with everyone’s best efforts, a system based on social ownership of the means of production could not effectively deploy a decentralized price system. The case is made primarily by Mises and Hayek in the 1920s and 1930s with a further...

Abstract: This article discusses the prosecution of excessive pricing cases regarding pharmaceutical products under EU law in its regulatory context. In recent years the legal framework for the pursuit of such cases, based on the United Brands precedent, has been established more firmly. The...

We consider a joint inventory and pricing problem with one warehouse and multiple stores, in which the retailer makes a one-time decision on the amount of inventory to be placed at the warehouse at the beginning of the selling season, followed by periodic joint replenishment and pricing...

This paper studies regulatory policy interventions aimed at protecting sticky consumers who are exposed to exploitation. We model heterogeneous consumer switching costs alongside asymmetric market shares. This setting encompasses many markets in which established firms are challenged by new...