We propose a framework for analyzing transformations of demand. Such transformations frequently stem from changes in the dispersion of consumers' valuations, which lead to rotations of the demand curve. In many settings, profits are a U-shaped function of dispersion. High dispersion is...

I examine how the increasing ability of firms to target their advertisements to particular individuals influences market outcomes when consumers have access to advertising avoidance tools. While firms generally benefit from increased targeting, consumers need not. I also show that there may be...

I identify and explore the relationship between two views of brands and advertising, one emphasizing their role in assuring quality and the other emphasizing their role in shifting rents across firms in the supply chain. I show that in the presence of moral hazard, the identity of the...