A trademark is a legally protectable name, word, symbol, design or combination that designates the manufacturer of a product or a service. Trademarks reduce search costs for the consumers as long as it is a reliable source of information concerning the source of production. It is often...

In the last ten years, counterfeiting has drastically increased. It is generally argued that counterfeiting is economically harmful for both consumers and legal producers. The present paper aims at explaining in which circumstances counterfeiting is not that injurious from an economic...