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Theory on high-frequency traders (HFT) predicts that market liquidity for a security decreases in the number of HFT trading the security. We test this prediction by studying a new Canadian stock exchange, Alpha, that experienced the entry of 11 HFT firms over four years. Bid-ask spreads on Alpha...
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In this article, we consider how important developments in game theory have contributed to the theory of industrial organization. Our goal is not to survey the theory of industrial organization; rather, we consider the contribution of game theory through a careful discussion of a small number of...
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This chapter reviews the literature devoted to studying markets for health care services and health insurance. There has been tremendous growth and progress in this field. A tremendous amount of new research has been done since the publication of the first volume of this Handbook. In addition,...
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1. Monopoly -- 2. Simultaneous quantity competition -- 3. Simultaneous price competition -- 4. Sequential competition -- 5. Regulating imperfectly competitive markets -- 6. R&D incentives -- 7. Mergers and Collusion -- 8. Bundling incentives -- 9. Incomplete information, signaling, and...
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In this paper, we analyze the equilibrium amount of entertainment in news coverage of newspapers and television stations. We find that a shift in the inclination to read, expressed by a shift in the (psychological) distance costs, induces both media outlets to incorporate more entertaining...
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