This paper presents simple conditions for monopoly third-degree price discrimination to have negative or positive e¤ectson aggregate consumer surplus. Consumer surplus is often re-duced by discrimination, for example when total welfare (con-sumer surplus and pro…ts) falls. Surplus increases...

This paper attempts to establish the trend of market development in Europe in thecenturies before the industrial revolution, by applying three different measures ofmarket integration to a compilation of monthly and annual price data. In contrast tomuch of the existing work, which suggests that...

The paper compares Feinstein’s and Clark’s consumer price and real wage indices for theBritish industrial revolution. The sources for their weights and component price series areevaluated. While some of Clark’s innovations are improvements, many of his changesdegrade the price index. A new...

This paper analyses the implications of bargaining between buyers and sellers on the competitive outcome in a homogeneous good industry. Bargaining creates a competitive equilibrium in which some inefficient sellers coexist with efficient leading to productivity dispersion...