How potential entrants to an open-access fishery form their expectations determines the fishery's adjustment path to a steady state but not the steady state values themselves. It is well known that, in the standard model with myopic expectations (those based on current values), boats enter the...

Although many theoretical industrial organization models are based on the existence of a critical mass of exogenously “brand loyal†consumers, we find little empirical evidence supporting these assumptions in the orange juice retail market. There are very few loyal consumers. More...

The 1990 Clean Air Act Amendments stipulated gasoline content requirements for metropolitan areas with air pollution levels above predetermined federal thresholds. The legislation led to exogenous changes in the type of gasoline required for sale across U.S. metropolitan areas. This paper uses a...

In this paper different models of vertical relationships between manufacturers and retailers in the supermarket industry are compared. Demand estimates are used to compute price-cost margins for retailers and manufacturers under different supply models when wholesale prices are not observed. The...

How a cost shock is passed through into final consumer prices may relate to nominal price stickiness and rigidities, the existence of non adjustable cost components, strategic mark-up adjustments, or other contract terms along the supply distribution chain. This paper presents a simple framework...

This paper investigates whether information costs prevent consumers from making healthier food choices under currently regulated nutritional labels in a market-level experiment. Implemented nutritional shelf labels reduce information costs by either repeating information available on the...

In this paper, different models of vertical relationships between manufacturersand retailers in the supermarket industry are compared. Demand estimates areused to compute price-cost margins for retailers and manufacturers underdifferent supply models when wholesale prices are not observed. The...

With an eye to providing a methodology for tracking the dynamic integrity of prices for important market indicators, in this paper we use Benford second digit reference distribution to track the daily London Interbank Offered Rate (Libor) over the period 2005-2008. This reference, known as...