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...

How should complementarities affect antitrust merger policy? I introduce a two-stage strategic model in which complementary input sellers offer supply schedules to producers and then engage in bilateral bargaining with producers. The main result is that there is a unique weakly dominant strategy...

This article extends antitrust analysis to two-sided markets in which a virtual monopolist competes with local bricks-and-mortar dealers. The discussion examines the market power of an Internet market maker as well as an Internet matchmaker. The analysis shows that equilibrium in a two-sided...