Efficient market hypothesis predicts that capital markets are beset with cer-tain biases which result from wrong estimation, and negatively influence shareholders’ expectations for higher returns, which in turn affects invest-ment efficiency, financial constraints and corporate performance efficacy in competitive markets, and eventually mitigates firm value. The present study aims at examining ...

We analyze the performance of resource allocation mechanisms for markets in which there is competition amongst both consumers and suppliers (namely, two-sided markets). Specifically, we examine a natural generalization of both Kelly’s proportional allocation mechanism for demand-competitive markets [9] and Johari and Tsitsiklis’ proportional allocation mechanism for supply-competitive markets [...

This paper studies the market and welfare effects of income heterogeneity in monopolistically competitive product markets context nonhomothetic preferences. In a closed economy, where richer individuals' expenditures are less sensitive to price change compared poorer ones', mean-preserving contraction distribution entices firms charge higher markups, reduce output, fosters creation new varietie...

evelopments, changes in consumer behaviour and the emergence of o decades, incumbent postal operators in Europe had to face new ortunities. The incumbents reacted with diversification into new both the horizontal and vertical integration by means of alliancs , the competitive landscape of the European postal market has etric market development enabled the early moving competitors to on incumben...

This paper investigates the spatial organization and dynamics of retail markets using establishment level data on entry, exit, and location choice in the retail alcoholic beverage industry. Establishments are classi ̄ed into two groups based on ̄rm a±liation: chain vs. stand-alone stores. Stand-alone stores are further broken down into two categories according to product lines o®ered: diversi ̄ed...

We investigate how price ceilings and floors affect outcomes in continuous time, double auction markets with discrete goods and multiple qualities. When price controls exist, the existence of competitive equilibria (the solution concept of classical market theory) is no longer guaranteed; hence, we investigate the nature of non-price competition and how markets might evolve in its presence. We ...