The paper considers an industry featuring agency problems between outside investors and entrepreneurs who manage the firms comprising the industry. In a range of circumstances, industry scale is independent of product market structure, and is determined solely by the amount of equity financing...

Source: Dissertation Abstracts International, Volume: 68-09, Section: A, page: 3982.

Our paper examines the importance of office suites for the evolution of the PC office software market in the 1990s. We develop a discrete choice model of product differentiation that enables us to estimate correlation in consumer preferences across spreadsheets and word processors. Estimation...

In light of the extensive theoretical evidence suggesting absence of equilibrium in voting models, Tullock (1981) asks "Why So Much Stability?" Our results suggest the following answer: Political agents engaged in long-term relationships can sustain highly stable allocations if there are...