This paper examines the preferences of a foreign firm and awelfare-maximizing host country government over two modes of foreigndirect investment (FDI): de novo entry by the foreign firm andacquisition of the domestic incumbent. Two crucial features of the modelare the presence of network...

This paper examines the justifications, history, and practice ofregulation in the US telecommunications sector. We examine the impact oftechnological and regulatory change on market structure and businessstrategy. Among others, we discuss the emergence and decline of thetelecom bubble, the...

We propose a general model of imperfect competition among multi-productfirms, the consumption of whose goods yields externalities from oneconsumer to another. We extend the allocation approach of Weyl (2010)'smonopoly model, proposing a solution concept, Insulated Equilibrium,that allows for...

We offer a new perspective on games of irreversible investment under uncertainty in continuous time. The basis is a particular approach to solve the involved stochastic optimal control problems which allows to establish existence and uniqueness of an oligopolistic open loop equilibrium in a very...

The aim of this work is to establish a mathematically precise framework for studying games of capital accumulation under uncertainty. Such games arise as a natural extension from different perspectives that all lead to singular control exercised by the agents, which induces some essential...

This dissertation uses agent-based simulation to study markets in ways that depart from the Walrasian tradition, and to vindicate Adam Smith’s beliefs about the power of the division of labor to enhance productivity, which mainstream economics has neglected because Walrasian equilibrium is...

In a model with imperfect competition and multiple equilibria we show how an increase in the minimum wage can lead firms to reduce wages (and employment). We find some empirical support for this in the Card–Krueger minimum wage data.