This paper studies regulatory policy interventions aimed at protecting vulnerable consumers who are disengaged and thus exposed to exploitation. We model heterogeneous consumer switching costs alongside asymmetric market shares. This setting encompasses many markets in which established firms...

Commercial banks' mainstream business model, which is reliant on a stable supply of retail deposits, continues to be challenged by new and innovative sources of non-bank competition. This paper examines the implications of one such source: a substitute for commercial banks' personal and saving...

Capital structure and financial policies can raise anticompetitive concerns to the extent that they induce rival firms to compete less aggressively. In contrast to common ownership, anticompetitive concerns triggered by financial leverage being ratcheted up in parallel across rival firms can be...

In the analogue era, the constraint of spectrum scarcity meant there was room for only a handful of TV channels. What's more, the technology did not permit the exclusion of non-­‐‑paying audiences, and this ‘non-­excludability' ruled out subscription-­based pay TV. Commercial...

Commercial banks' mainstream business model, which is reliant on a stable supply of retail deposits, continues to be challenged by new and innovative sources of non-bank competition. This paper examines the implications of one such source: a substitute for commercial banks' personal and saving...