We provide a simple necessary and sufficient condition for when a multiproduct demand system can be generated from a discrete choice model with unit demands.

This paper examines the implications of "prominence" in search markets.  We model prominence by supposing that the prominent firm will be sampled first by all consumers.  If there are no systematic quality differences among firms, we find that the prominent firm will charge a lower price than...

We present a model in which a principal delegates the choice of project to an agent with different preferences. A project`s characteristics are verifiable once presented to the principal, but the principal does not know how many projects are available to the agent. The principal chooses the set...

We examine the impact of multiproduct nonlinear pricing on profit, consumer surplus and welfare in a duopoly. When consumers buy all their products from one firm (the one-stop shopping model), nonlinear pricing leads to higher profit and welfare, but often lower consumer surplus, than linear...

Where do we stand, five years on from the start of the crisis, on progress towards banking reform? Major advances have been made, but a lot of unfinished business remains, notably on structural reform of banks. Following a stock-take of current reform initiatives, the paper reviews some...

One of the most controversial questions in current competition policy is when, if ever, should competition law require a firm with market power to share its property, notably intellectual property, with its rivals?  And if supply is required, on what terms?  These questions are discussed with...

The paper offers an economic appraisal of selected aspects of EC law and policy towards abuse of dominance (Article 82). After a brief discussion of thresholds for dominance, five theories of exclusionary harm to compeptition are outlined, concerning: predatory pricing, partial exclusion to...

This paper uses convexity arguments to determine the effects of monopolistic third-degree price discrimination on total output and welfare. We focus on benchmark cases, including constant demand elasticities, with constant curvature of inverse demand σ. We show how the effects of price...

This paper extends the standard model of bundling to allow products to be substitutes and for products to be supplied by separate sellers.  Whether integrated or separate, firms have an incentive to introduce a bundling discount when demand for the bundle is elastic relative to demand for...

A common sales tactic is for a seller to encourage a potential customer to make her purchase decision quickly, before she can investigate rival deals in the market.  We consider a market with sequential consumer search in which firms can achieve this either by making an exploding offer (which...