A service provider sells to homogenous risk-averse consumers through a two-part tariff. The consumers have uncertain … tastes toward the service. They subscribe the service before the uncertainty resolves. In contrast with the common view that …'s marginal production cost, I show that when consumers have uncertain tastes, the service provider's optimal two-part tariff …

external finance, to identify a causal effect of bank credit supply on firm investment in innovation. We show that firms that … are more likely financially constrained, in industries more dependent on external finance, have a disproportionally lower …