In many competitive environments, players need to commit either to a specific goal they will achieve (an output target) or to the resources they are willing to expend in pursuit of that goal (an input budget).We model this situation as a two-stage game where players may compete either by setting...

I analyze how ownership structure and market geography jointly influence fast food prices. I estimate a model of demand and supply that accounts for the market geography and run counterfactual experiments that demonstrate how mergers affect prices. I find that the impact of mergers can be large,...