I examine a three-stage model of Schumpeterian competition among entrepreneurs. In the initial entry stage, entrepreneurs invest in innovation and establish firms. In the next stage, entrepreneurs choose prices strategically, make irreversible investments, and compete to serve consumers, while...

Search firms provide matchmaking services between consumers and suppliers that are central to the efficiency of the economy. The significant economic contributions of search firms as commercial intermediaries have important implications for antitrust policy towards search markets. As search...