We study the effects of a bank’s engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, short-term, capital constrained, and with...

This discussion paper led to an article in <I>Games and Economic Behavior</I> (2012), pp. 120-138.<P> We consider an oligopolistic market where firms compete in price and quality and where consumers are heterogeneous in knowledge: some consumers know both the prices and quality of the products offered,...</p></i>

We modify the paper of Stahl (1989) [Stahl, D.O., 1989. Oligopolistic pricing with sequential consumer search. American Economic Review 79, 700–12] by relaxing the assumption that consumers obtain the first price quotation for free. When all price quotations are costly to obtain, the unique...

This discussion paper resulted in a publication in <A HREF="http://www.sciencedirect.com/science/article/pii/S019126151200063X#"<I>Transportation Research B: Methodological</I></A>, 2012, 46(8), 971-983.<P> We study road supply by competing firms between a single origin and destination. In previous studies, firms simultaneously set their tolls and capacities while taking the actions...</p></a>