This paper develops a model of competition among multiproduct retailers that is consistent with observed pricing regularities, e.g., virtually all products have large mass points in their price distributions and most deviations fall below the mass point. The basis of the model is that, because...

This paper examines the incentives to voluntarily centrally-clear swaps. It takes advantage of changes brought about by a regulation that mandated exchanging collateral on uncleared swaps to analyze the determinants of traders' clearing decisions. Using unique regulatory data, it finds that the...

This paper examines events associated with Union Pacific (UP) Railroad's attempt to obtain a significant minority share of the voting equity in Chicago Northwestern (CNW) Railroad. Rivals of UP petitioned the ICC to block the transaction, positing a theory of foreclosure that connects UP's...

One concern about regulated monopolies entering unregulated vertically-related markets is that they will discriminate against competitors of their unregulated affiliates. However, prohibiting regulated monopolies from offering related goods may preclude production by the most efficient provider....

Recent theoretical research on retail pricing dynamics provides an explanation of why retailers periodically put items on sale, even when their costs are unchanged. The authors extend this research to show that more popular items (i.e., those that appeal to a wide range of consumers) are more...