This paper extends the classic two-armed bandit problem to a many-agent setting in which I players each face the same experi- mentation problem.The main change from the single-agent prob- lem is that an agent can now learn from the current experimentation of other agents.Information is therefore...

This paper provides a first study of the optimal design of active monitors' exit options in a problem involving a demand for liquidity and costly monitoring of the issuer. Optimal incentives to monitor the issuer may involve restricting the monitor's right to sell her claims on the firm's...

Predatory pricing poses a dilemma that has perplexed and intrigued the antitrust community for many years. On the one hand, history and economic theory teach that predatory pricing can be an instrument of abuse, but on the other side, price reductions are the hallmark of competition, and the...