This paper examines the justifications, history, and practice ofregulation in the US telecommunications sector. We examine the impact oftechnological and regulatory change on market structure and businessstrategy. Among others, we discuss the emergence and decline of thetelecom bubble, the...

The vast majority of U.S. residential consumers face a monopoly orduopoly in broadband Internet access. Until now, the Internet has beencharacterized by a regime of 'net neutrality,' which means there hasbeen no discrimination between the price of transmitting packets basedon the identity of...

We examine the intersection of patents and antitrust where a patentholder uses the monopoly power it possesses in the market for a patentedproduct to exclude competitors in an adjacent market and attempt tomonopolize or monopolize the adjacent market. The present scheme forawarding patents...

In this paper, I consider the impact of a departure from this currentsystem. I examine the possible impact of last-mile broadband providers'imposing "termination fees" on third-party content providersor application providers to reach end-users. Broadband providers wouldengage in paid...

This paper summarizes the responses to a questionnaire sent to equity traders through TraderForum of the Institutional Investor. The respondents manage in total a very significant percentage of equity assets under management in the United States. The focus of the questions was the extent of the...

Despite its power as a transactions network, scant attention has been given to incorporating an electronic call into a major market center such as the NYSE or Nasdaq. An electronic call clears the markets for all assets at predetermined points in time. By bunching many transactions together, a...

This report summarizes the responses to a questionnaire sent to equity traders through TraderForum of the Institutional Investor. The respondents manage in total a very significant percentage of equity assets under management in the United States. The focus of the questions was the extent of the...

Networks are common in financial services. Perfect competition does not decentralize optimality on a network, and coordination of participants expectations and investments is crucial for success. Financial exchange networks exhibit two kinds of externalities: liquidity enhancement by size...

We analyze two- and three-dimensional variants of Hotelling's model of differentiated products. In our setup, consumers can place different importance on each product attribute; this is measured by a weight in the disutility of distance in each dimension. Two firms play a two-stage game; they...