Research classified by Journal of Economic Literature (JEL) codes

2026

• Fazekas, Mihály & Tóth, Bence & Wachs, Johannes & Abdou, Aly, 2026, "Public procurement cartels: A large-sample testing of screens using machine learning," International Journal of Industrial Organization, Elsevier, volume 104, issue C, DOI: 10.1016/j.ijindorg.2025.103228.
• Patrice Bougette & Frédéric Marty, 2026, "The SCP Paradigm Revisited: What Structuralism Really Contributed to U.S. Antitrust," GREDEG Working Papers, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, number 2026-03, Feb.
• Yan Yan & Yi Li, 2026, "Partial Passive Ownership Holdings and Divisionalization," Review of Industrial Organization, Springer;The Industrial Organization Society, volume 68, issue 1, pages 55-69, January, DOI: 10.1007/s11151-025-10021-5.
• Jake Kramer, 2026, "The Effects of M&A in Medicare Advantage: A Case Study of Humana-Arcadian Management Services," Review of Industrial Organization, Springer;The Industrial Organization Society, volume 68, issue 1, pages 15-54, January, DOI: 10.1007/s11151-025-10027-z.
• Ruibing Su & Chenyu Yang & Andrew Sweeting, 2026, "Competition, Procurement and Learning-By-Doing in the Space Launch Industry," NBER Working Papers, National Bureau of Economic Research, Inc, number 34766, Jan.
• Daeyoung Jeong & Jeong Yeol Kim, 2026, "The Impact of Dual-agency Leniency Policy on Cartel Detection," Working papers, Yonsei University, Yonsei Economics Research Institute, number 2025rwp-276, Jan.
• Daeyoung Jeong & Jeong Yeol Kim, 2026, "The Impact of Dual-agency Leniency Policy on Cartel Detection," Working papers, Yonsei University, Yonsei Economics Research Institute, number 2026rwp-276, Jan.

2025

• Peter Caradonna & Nathan H. Miller & Gloria Sheu, 2025, "Mergers, Entry, and Consumer Welfare," American Economic Journal: Microeconomics, American Economic Association, volume 17, issue 3, pages 103-130, August, DOI: 10.1257/mic.20240057.
• Patrice Bougette & Frédéric Marty & Simone Vannuccini, 2025, "Competition Law Enforcement in Dynamic Markets: Proposing a Flexible Trade-off between Fines and Behavioural Injunctions," Working Papers AFED, Association Francaise d'Economie du Droit (AFED), number 25-06, Jul.
• Bruno Deffains & Claudio Ceccarelli & Antonio Cappiello, 2025, "Considerations on the Notarial Profession in the Light of the OECD PMR and World Bank B-Ready Indicators," Working Papers AFED, Association Francaise d'Economie du Droit (AFED), number 25-07, Dec.
• Mario Alloza & María Elena Cristóbal Rodríguez & Julia García-Royo Díaz & Beatriz González & Alberto Martín del Campo Sola & Ane Martín Ugarte & Enrique Moral-Benito & Irene Pinilla Melgarejo, 2025, "Diagnóstico y consecuencias económicas del grado de competencia en las licitaciones públicas," Occasional Papers, Banco de España, number 2523, Oct, DOI: https://doi.org/10.53479/41285.
• Sanja Milenković, 2025, "Resolving The Merger Paradox," Ekonomske ideje i praksa, Faculty of Economics and Business, University of Belgrade, issue 59, pages 37-56, November.
• Linda Jeng & Jon Frost & Elisabeth Noble & Chris Brummer, 2025, "Consumer financial data and non-horizontal mergers," BIS Working Papers, Bank for International Settlements, number 1251, Mar.
• Corinne Langinier & Amrita RayChaudhuri, 2025, "Merger Review Under Asymmetric Information," Journal of Public Economic Theory, Association for Public Economic Theory, volume 27, issue 5, October, DOI: 10.1111/jpet.70069.
• Charistos Konstantinos, 2025, "On the Stability of Common Ownership Arrangements," The B.E. Journal of Economic Analysis & Policy, De Gruyter, volume 25, issue 3, pages 807-818, DOI: 10.1515/bejeap-2024-0236.
• Boulu-Reshef Béatrice & Monnier-Schlumberger Constance, 2025, "Do Sanctions or Moral Costs Prevent the Formation of Cartel Agreements?," Review of Law & Economics, De Gruyter, volume 21, issue 2, pages 283-321, DOI: 10.1515/rle-2024-0061.
• Giovanna Marani Batista & Mônica Viegas Andrade & André Soares Motta Santos, 2025, "Fusões E Aquisições No Setor De Saúde Suplementar No Brasil De 2012 A 2024," Textos para Discussão Cedeplar-UFMG, Cedeplar, Universidade Federal de Minas Gerais, number 690, Dec.
• Kai Fischer & Simon Martin & Karl Schlag, 2025, "Competitive Price Cycles," CESifo Working Paper Series, CESifo, number 11971.
• Justus Haucap & Mehmet Karacuka & Hakan Inke, 2025, "An Empirical Inquiry Into Cartel Overcharges and Cartel Fines Including an Assessment of the EU’s Guidelines on Cartel Fines and Damages," CESifo Working Paper Series, CESifo, number 12259.
• Roxana Mihet & Kumar Rishabh & Orlando Gomes, 2025, "Is It AI or Data That Drives Firm Growth?," Swiss Finance Institute Research Paper Series, Swiss Finance Institute, number 25-37, Mar.
• Frédéric Marty & Thierry Warin, 2025, "Algorithmic Pricing and Competition: Balancing Efficiency and Consumer Welfare," CIRANO Papers, CIRANO, number 2025pr-09, Aug.
• Johnen, Johannes & Shekhar, Shiva, 2025, "Foreclosure Incentives with Network Effects: A Framework for Screening Digital Mergers," LIDAM Discussion Papers CORE, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE), number 2025015, Jul.
• Karine Brisset & Emmanuel Peterlé, 2025, "Impact of Leniency Programs and Follow-on Damages on Cartel Deterrence," Working Papers, CRESE, number 2025-12, Oct.
• Bradley Setzler, 2025, "Labor and Product Market Power, Endogenous Quality, and the Consolidation of the US Hospital Industry," RFBerlin Discussion Paper Series, ROCKWOOL Foundation Berlin (RFBerlin), number 2561, Aug.
• Marie-Laure Allain & Marc Bourreau & Pierre-Francois Darlas, 2025, "Digital Business Models and Quality Investment," Working Papers, Center for Research in Economics and Statistics, number 2025-16, Dec.
• Jan Malek & Jo Seldeslachts & Reinhilde Veugelers, 2025, "Are M&As Spurring or Stifling Innovation? Evidence from Antidiabetic Drug Development," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 2128.
• Eric Darmon & Thomas LE TEXIER & Zhiwen LI & Thierry Pénard, 2025, "Multimarket Contact, Cross-Market Externalities and Platform Competition," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2025-22.
• Marjit, Sugata & Mukherjee, Arijit & Xu, Xinpeng & Yang, Lei, 2025, "Finance and collusion in oligopolistic markets," The North American Journal of Economics and Finance, Elsevier, volume 76, issue C, DOI: 10.1016/j.najef.2024.102351.
• Spiegel, Yossi, 2025, "The balance of probabilities vs. the balance of harms in merger control," Economics Letters, Elsevier, volume 247, issue C, DOI: 10.1016/j.econlet.2025.112167.
• Brito, Duarte & Vasconcelos, Helder, 2025, "Welfare effects of jointly managed non-targeted advertising in multi-sided media markets," Economics Letters, Elsevier, volume 253, issue C, DOI: 10.1016/j.econlet.2025.112383.
• Bos, Iwan & Cesi, Berardino & Marini, Marco A., 2025, "Cartel stability with quality-anchored buyers," Economics Letters, Elsevier, volume 254, issue C, DOI: 10.1016/j.econlet.2025.112449.
• Pal, Rupayan & Petrakis, Emmanuel, 2025, "Partial passive ownership holdings destabilizing collusion," Economics Letters, Elsevier, volume 257, issue C, DOI: 10.1016/j.econlet.2025.112642.
• Shao, Yifu, 2025, "Downstream price effect of upstream monopolization: Isoniazid as a case study," Economics Letters, Elsevier, volume 257, issue C, DOI: 10.1016/j.econlet.2025.112677.
• Benkert, Jean-Michel & Letina, Igor & Liu, Shuo, 2025, "Startup acquisitions: Acquihires and talent hoarding," European Economic Review, Elsevier, volume 178, issue C, DOI: 10.1016/j.euroecorev.2025.105103.
• Bui, Dang-Long & Peng, Cheng-Hau & Lin, Yan-Shu, 2025, "On the implications of cross-ownership under green transformation," Energy Economics, Elsevier, volume 148, issue C, DOI: 10.1016/j.eneco.2025.108641.
• Darmon, Eric & Le Texier, Thomas & Li, Zhiwen & Penard, Thierry, 2025, "Multimarket contact, cross-market externalities and platform competition," Information Economics and Policy, Elsevier, volume 71, issue C, DOI: 10.1016/j.infoecopol.2025.101133.
• Gaudin, Germain & Nagel, Niklas, 2025, "Merger of complements: Empirical evidence from the eyewear industry," International Journal of Industrial Organization, Elsevier, volume 103, issue PA, DOI: 10.1016/j.ijindorg.2024.103114.
• Abrardi, Laura & Cambini, Carlo & Pino, Flavio, 2025, "Data brokers competition, synergic datasets, and endogenous information value," International Journal of Industrial Organization, Elsevier, volume 103, issue PA, DOI: 10.1016/j.ijindorg.2025.103146.
• Allain, Marie-Laure & Bourreau, Marc & Darlas, Pierre-François, 2025, "Digital business models and quality investment," International Journal of Industrial Organization, Elsevier, volume 103, issue PA, DOI: 10.1016/j.ijindorg.2025.103204.
• Ramezzana, Paolo, 2025, "Entry deterrence, domino effects and mergers in markets for complements," International Journal of Industrial Organization, Elsevier, volume 99, issue C, DOI: 10.1016/j.ijindorg.2025.103145.
• Gugler, Klaus & Szücs, Florian & Wohak, Ulrich, 2025, "Start-up acquisitions, venture capital and innovation: A comparative study of Google, Apple, Facebook, Amazon and Microsoft," International Journal of Industrial Organization, Elsevier, volume 99, issue C, DOI: 10.1016/j.ijindorg.2025.103148.
• Avramovich, María C., 2025, "An inspector calls: On the optimality of warning firms about ongoing inspections in antitrust policy," International Review of Law and Economics, Elsevier, volume 81, issue C, DOI: 10.1016/j.irle.2024.106244.
• Donelson, Dain C. & Hutzler, Christian M. & Rhodes, Adrienne, 2025, "Does antitrust enforcement against interlocking directorates impair corporate governance?," Journal of Accounting and Economics, Elsevier, volume 80, issue 2, DOI: 10.1016/j.jacceco.2025.101815.
• Cirulli, Vanessa & Marini, Giorgia & Marini, Marco A. & Straume, Odd Rune, 2025, "Do hospital mergers reduce waiting times? Theory and evidence from the English NHS," Journal of Economic Behavior & Organization, Elsevier, volume 238, issue C, DOI: 10.1016/j.jebo.2025.107196.
• Drake, Keith M. & McGuire, Thomas G., 2025, "Using stock price movements to estimate the harm from collusive drug patent litigation settlements," Journal of Health Economics, Elsevier, volume 103, issue C, DOI: 10.1016/j.jhealeco.2025.103054.
• Gutiérrez-Hita, Carlos & Rodríguez, Santiago Budría & Nasirov, Shahriyar, 2025, "The evolution of competitiveness in the Chilean mobile market," Utilities Policy, Elsevier, volume 96, issue C, DOI: 10.1016/j.jup.2025.101982.
• Ibáñez Colomo, Pablo, 2025, "Remedies in EU antitrust law," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 126537, Jun.
• Jan Malek & Jo Seldeslachts & Reinhilde Veugelers, 2025, "Are M&As spurring or stifling innovation? Evidence from antidiabetic drug development," Working Papers of Department of Management, Strategy and Innovation, Leuven, KU Leuven, Faculty of Economics and Business (FEB), Department of Management, Strategy and Innovation, Leuven, number 768578, Jul.
• Salvatore Ciucci, 2025, "The effect of a lottery on collusion sustainability," Working Papers, Fondazione Eni Enrico Mattei, number 2025.21, Oct.
• Charles Taragin & Benjamin Wallace & Eddie Watkins, 2025, "Financial Structure and Mergers," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2025-080, Sep, DOI: 10.17016/FEDS.2025.080.
• Patrice Bougette & Oliver Budzinski & Frédéric Marty, 2025, "Revisiting Behavioral Merger Remedies in Dynamic Markets," GREDEG Working Papers, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, number 2025-22, Jun, revised Jan 2026.
• Patrice Bougette & Frédéric Marty & Simone Vannuccini, 2025, "Competition Law Enforcement in Dynamic Markets: Proposing a Flexible Trade-off between Fines and Behavioural Injunctions," GREDEG Working Papers, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, number 2025-32, Jul.
• Frédéric Marty & Thierry Warin, 2025, "Data and Computing Power: The New Frontiers of Competition in Generative AI," GREDEG Working Papers, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, number 2025-38, Sep.
• Éric Darmon & Thomas Le Texier & Zhiwen Li & Thierry Pénard, 2025, "Multimarket contact, cross-market externalities and platform competition," Post-Print, HAL, number hal-05107385, DOI: 10.1016/j.infoecopol.2025.101133.
• Béatrice Boulu-Reshef & Constance Monnier-Schlumberger, 2025, "Do Sanctions or Moral Costs Prevent the Formation of Cartel Agreements?," Post-Print, HAL, number hal-05347520, Sep, DOI: 10.1515/rle-2024-0061.
• Marie-Laure Allain & Marc Bourreau & Pierre-François Darlas, 2025, "Digital business models and quality investment," Post-Print, HAL, number hal-05391762, Dec, DOI: 10.1016/j.ijindorg.2025.103204.
• Bruno Carballa Smichowski & Yassine Lefouili & Andrea Mantovani & Carlo Reggiani, 2025, "Data Sharing or Analytics Sharing ?," Working Papers, HAL, number hal-04956937, Feb.
• Éric Darmon & Thomas Le Texier & Zhiwen Li & Thierry Pénard, 2025, "Multimarket Contact, Cross-Market Externalities and Platform Competition," Working Papers, HAL, number hal-05058114, Apr.
• Pierre Dubois & Gosia Majewska, 2025, "Mergers and advertising in the pharmaceutical industry," Working Papers, HAL, number hal-05123065, Jun.
• Doh-Shin Jeon & Yassine Lefouili, 2025, "Decentralizing Cooperation through Upstream Bilateral Agreements," Working Papers, HAL, number hal-05289790, Sep.
• Patrice Bougette & Oliver Budzinski & Frédéric Marty, 2025, "Revisiting Behavioral Merger Remedies in Turbulent Markets: A Framework for Dynamic Competition," Working Papers, HAL, number halshs-05087373, May.
• Patrice Bougette & Frédéric Marty & Simone Vannuccini, 2025, "Competition Law Enforcement in Dynamic Markets: Proposing a Flexible Trade-off between Fines and Behavioural Injunctions," Working Papers, HAL, number halshs-05188484, Jul.
• Frédéric Marty & Thierry Warin, 2025, "Algorithmic Pricing and Competition: Balancing Efficiency and Consumer Welfare," Working Papers, HAL, number halshs-05199988, Aug.
• Frédéric Marty & Thierry Warin, 2025, "Data and Computing Power: The New Frontiers of Competition in Generative AI," Working Papers, HAL, number halshs-05295270, Oct.
• Marc Escrihuela-Villar & Jorge Guillén, 2025, "On Cournot and Bertrand competition in collusive mixed oligopolies," Journal of Economics, Springer, volume 144, issue 3, pages 231-246, April, DOI: 10.1007/s00712-024-00889-4.
• Seppe Maes & Caroline Buts & Marc Jegers, 2025, "The Impact of Dawn Raids, Cartel Decisions and Appeals on Stock Prices," Journal of Industry, Competition and Trade, Springer, volume 25, issue 1, pages 1-25, December, DOI: 10.1007/s10842-024-00432-7.
• Lea Bernhardt & Xenia Breiderhoff & Ralf Dewenter, 2025, "New Evidence on Price Effects of Transparency Regulations in European Fuel Markets," Journal of Industry, Competition and Trade, Springer, volume 25, issue 1, pages 1-27, December, DOI: 10.1007/s10842-024-00438-1.
• Michael L. Polemis, 2025, "What Determines Cartel Duration? Global Evidence Using Quantile Regression Analysis," Journal of Industry, Competition and Trade, Springer, volume 25, issue 1, pages 1-28, December, DOI: 10.1007/s10842-025-00443-y.
• Yituan Liu & Yang Yu, 2025, "Breaking barriers for diversification: Evidence from China’s Fair Competition Review System," Journal of Regulatory Economics, Springer, volume 68, issue 3, pages 303-340, December, DOI: 10.1007/s11149-025-09495-8.
• Long Cheng & Guangliang Ye, 2025, "Does Aftermarket Monopolization Facilitate Upstream Collusion?," Review of Industrial Organization, Springer;The Industrial Organization Society, volume 66, issue 3, pages 325-347, March, DOI: 10.1007/s11151-024-09997-3.
• Jasminka Pecotić Kaufman & Maciej Bernatt, 2025, "Lessons from Competition Law Enforcement in Central and Eastern Europe: Trade Associations," Review of Industrial Organization, Springer;The Industrial Organization Society, volume 67, issue 3, pages 343-380, October, DOI: 10.1007/s11151-025-10025-1.
• Russell Pittman, 2025, "Editor’s Introduction to the Special Issue on Competition Law Enforcement in Developing Countries," Review of Industrial Organization, Springer;The Industrial Organization Society, volume 67, issue 3, pages 227-232, October, DOI: 10.1007/s11151-025-10029-x.
• Yong Huang & Nina Yin & Vanessa Yanhua Zhang & Shan Zhao, 2025, "Impact of Antitrust Events on Firm Market Value: Evidence from Chinese and U.S. Internet Platforms," Review of Industrial Organization, Springer;The Industrial Organization Society, volume 67, issue 3, pages 251-288, October, DOI: 10.1007/s11151-025-10035-z.
• Christopher Teh & Chengsi Wang, 2025, "Startup acquisitions and innovation∗," Monash Economics Working Papers, Monash University, Department of Economics, number 2025-14, Nov.
• Christopher Teh & Chengsi Wang, 2025, "Startup acquisitions and merger policy," Monash Economics Working Papers, Monash University, Department of Economics, number 2025-15, Nov.
• Mert Demirer & Michael Rubens, 2025, "Welfare Effects of Buyer and Seller Power," NBER Working Papers, National Bureau of Economic Research, Inc, number 33371, Jan.
• Juan M. Ortner & Sylvain Chassang & Kei Kawai & Jun Nakabayashi, 2025, "Scoring and Cartel Discipline in Procurement Auctions," NBER Working Papers, National Bureau of Economic Research, Inc, number 33668, Apr.
• Bingjin Xue & Chad Meyerhoefer, 2025, "The Effects of Switching Electronic Health Record Developer on Specialty Referrals," NBER Working Papers, National Bureau of Economic Research, Inc, number 33861, May.
• Alejandro Herrera-Caicedo & Jessica Jeffers & Elena Prager, 2025, "Collusion through Common Leadership," NBER Working Papers, National Bureau of Economic Research, Inc, number 33866, May.
• Kenneth R. Ahern, 2025, "Multinational Firms and Cross-Border Mergers: Theory and Evidence," NBER Working Papers, National Bureau of Economic Research, Inc, number 34067, Jul.
• Bradley Setzler, 2025, "Labor and Product Market Power, Endogenous Quality, and the Consolidation of the US Hospital Industry," NBER Working Papers, National Bureau of Economic Research, Inc, number 34180, Aug.
• Oecd, 2025, "Competition in mobile payment services," OECD Roundtables on Competition Policy Papers, OECD Publishing, number 324, May.
• Oecd, 2025, "Co-operative antitrust in remedy design," OECD Roundtables on Competition Policy Papers, OECD Publishing, number 328, Nov.
• Oecd, 2025, "Balancing prudential regulation and competition considerations in banking," OECD Roundtables on Competition Policy Papers, OECD Publishing, number 329, Nov.
• Oecd, 2025, "Competition in artificial intelligence infrastructure," OECD Roundtables on Competition Policy Papers, OECD Publishing, number 330, Nov.
• Oecd, 2025, "Artificial intelligence and competitive dynamics in downstream markets," OECD Roundtables on Competition Policy Papers, OECD Publishing, number 331, Nov.
• Eliana Barrenho & Dahye Kim & Marjolijn Moens & Lisbeth Waagstein, 2025, "Assessing the impact of promotion and advertising regulations on biosimilar uptake," OECD Health Working Papers, OECD Publishing, number 186, Dec.
• Anton Korinek & Jai Vipra, 2025, "Concentrating intelligence: scaling and market structure in artificial intelligence," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, volume 40, issue 121, pages 225-256.
• Joseph E Harrington, 2025, "An economic test for an unlawful agreement to adopt a third-party’s pricing algorithm," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, volume 40, issue 121, pages 261-295.
• Pablo Ibáñez Colomo, 2025, "Remedies In Eu Antitrust Law," Journal of Competition Law and Economics, Oxford University Press, volume 21, issue 2, pages 137-162.
• Hannes Wallimann & Solange Emmenegger & Marc Pouly & Philipp Wegelin, 2025, "Where is the Limit? Assessing the Potential of Algorithm-Based Cartel Detection," Journal of Competition Law and Economics, Oxford University Press, volume 21, issue 2, pages 210-225.
• Renato Gomes & Andrea Mantovani, 2025, "Regulating Platform Fees under Price Parity," Journal of the European Economic Association, European Economic Association, volume 23, issue 1, pages 190-235.
• Filippo Passerini, 2025, "Concentration and mergers: evidence from Italian labor markets," Oxford Economic Papers, Oxford University Press, volume 77, issue 3, pages 790-805.
• Dante B. Canlas & Karl Robert L. Jandoc, 2025, "Promoting Competition and Regulatory Reforms in Franchising Electricity Distribution," UP School of Economics Discussion Papers, University of the Philippines School of Economics, number 202502, Apr.
• Maximilian Andres & Lisa Bruttel, 2025, "Communication and collusion in oligopoly experiments: A meta-study using machine learning," CEPA Discussion Papers, Center for Economic Policy Analysis, number 88, Jun, DOI: 10.25932/publishup-68013.
• Lisa Bruttel & Holger A. Rau & Vasilisa Werner, 2025, "Partial Cartels and Ringleaders: An Experimental Study," CEPA Discussion Papers, Center for Economic Policy Analysis, number 92, Aug, DOI: 10.25932/publishup-68585.
• Bayari, Celal, 2025, "Geographies of the Institutional Economic Theory and the Belt and Road Initiative. Soft Law Agreements, Pollution Halo Affect, and the Sustainable Development Goals," MPRA Paper, University Library of Munich, Germany, number 125677, Aug, revised 08 Aug 2025.
• Gorecki, Paul, 2025, "Better Merger Outcomes Due to Increased Scrutiny by Ireland’s NCA? the Q-Park/Tazbell Transaction," MPRA Paper, University Library of Munich, Germany, number 127352, Dec.
• Youngjin Hong & In Kyung Kim & Kyoo il Kim, 2025, "An Instrumental Variables Approach to Testing Firm Conduct," Working Papers, Nam Duck-Woo Economic Research Institute, Sogang University (Former Research Institute for Market Economy), number 2501.
• J. Manuel Sanchez-Cartas & Evangelos Katsamakas, 2025, "AI pricing algorithms under platform competition," Electronic Commerce Research, Springer, volume 25, issue 6, pages 4343-4370, December, DOI: 10.1007/s10660-024-09821-w.
• Luca Colombo & Michele Grillo & Aldo Pignataro, 2025, "Collusion under decreasing returns to scale," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, volume 52, issue 4, pages 1015-1034, December, DOI: 10.1007/s40812-024-00338-9.
• Francesco Silvestri & Mattia Tassinari, 2025, "Price strategies and entry deterrence in the municipal solid waste disposal industry: a signalling game," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, volume 42, issue 3, pages 853-873, October, DOI: 10.1007/s40888-025-00372-3.
• Rupayan Pal & Emmanuel Petrakis, 2025, "Cross-ownership in duopoly: Are there any incentives to divest?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), volume 80, issue 3, pages 703-744, November, DOI: 10.1007/s00199-025-01638-4.
• Gregory Pavlov, 2025, "Correlated equilibria and communication equilibria in all-pay auctions," Review of Economic Design, Springer;Society for Economic Design, volume 29, issue 3, pages 479-511, September, DOI: 10.1007/s10058-023-00333-x.
• Martin Peitz, 2025, "Governance and Regulation of Platforms," Springer Books, Springer, chapter 23, in: Claude Ménard & Mary M. Shirley, "Handbook of New Institutional Economics", DOI: 10.1007/978-3-031-50810-3_23.
• Patrice Bougette & Oliver Budzinski & Frédéric Marty, 2025, "In the light of dynamic competition: should we make merger remedies more flexible?," European Competition Journal, Taylor & Francis Journals, volume 21, issue 3, pages 505-530, September, DOI: 10.1080/17441056.2024.2440228.
• Maurice E. Stucke, 2025, "AI, Antitrust and Privacy," Working Papers Series, Institute for New Economic Thinking, number inetwp236, Jun, DOI: 10.36687/inetwp236.
• Carballa-Smichowski, Bruno & Lefouili, Yassine & Mantovani, Andrea & Reggiani, Carlo, 2025, "Data Sharing or Analytics Sharing?," TSE Working Papers, Toulouse School of Economics (TSE), number 25-1615, Feb.
• Rey, Patrick & Loertscher, Simon & Marx, Leslie, 2025, "All-receive procurement auctions," TSE Working Papers, Toulouse School of Economics (TSE), number 25-1637, Apr.
• Tommy Staahl Gabrielsen & Bjørn Olav Johansen & Odd Rune Straume, 2025, "Merger Control in Retail Markets with National Pricing," Journal of Law and Economics, University of Chicago Press, volume 68, issue 1, pages 121-182, DOI: 10.1086/731741.
• Tobias J. Klein & Madina Kurmangaliyeva & Jens Prüfer & Patricia Prüfer, 2025, "How Important Are User-Generated Data for Search Result Quality?," Journal of Law and Economics, University of Chicago Press, volume 68, issue 3, pages 499-518, DOI: 10.1086/734801.
• Ying Fan & Chenyu Yang, 2025, "Estimating Discrete Games with Many Firms and Many Decisions: An Application to Merger and Product Variety," Journal of Political Economy, University of Chicago Press, volume 133, issue 6, pages 1886-1931, DOI: 10.1086/734724.
• Prokop Jacek, 2025, "Patent rights in a duopoly with price leadership," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, volume 61, issue 4, pages 25-31, DOI: 10.2478/ijme-2025-0013.
• Petter Gottschalk, 2025, "Partners in Economic Crime:Corporate Convenience by Cartel Membership," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0514, ISBN: ARRAY(0x62753f60), March.
• Paul S. Koh, 2025, "Concentration-Based Inference for Evaluating Horizontal Mergers," Working papers, Yonsei University, Yonsei Economics Research Institute, number 2025rwp-266, Sep.
• Oschmann, Sebastian, 2025, "Vertical market structure matters: The case of a horizontal retail merger in the German gasoline market," DICE Discussion Papers, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE), number 418.
• Haucap, Justus & Karacuka, Mehmet & Inke, Hakan, 2025, "An empirical inquiry into cartel overcharges and cartel fines including an assessment of the EU's guidelines on cartel fines and damages," DICE Discussion Papers, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE), number 432.
• McLaughlin, Eoin & Moro, Mirko & de Vries, Frans P., 2025, "Competition policy, sustainability, and inclusive wealth," Accountancy, Economics, and Finance Working Papers, Heriot-Watt University, Department of Accountancy, Economics, and Finance, number 2025-04, revised 2025.
• Bougette, Patrice & Budzinski, Oliver & Marty, Frédéric, 2025, "Revisiting behavioral merger remedies in turbulent markets: A framework for dynamic competition," Ilmenau Economics Discussion Papers, Ilmenau University of Technology, Institute of Economics, number 202.

2024

• David Benson & Samuel Blattner & Serafin Grundl & You Suk Kim & Ken Onishi, 2024, "Concentration and Geographic Proximity in Antitrust Policy: Evidence from Bank Mergers," American Economic Journal: Microeconomics, American Economic Association, volume 16, issue 3, pages 107-133, August, DOI: 10.1257/mic.20220094.
• Andrew Sweeting & Xuezhen Tao & Xinlu Yao, 2024, "Dynamic Oligopoly Pricing with Asymmetric Information: Implications for Horizontal Mergers," American Economic Journal: Microeconomics, American Economic Association, volume 16, issue 3, pages 345-373, August, DOI: 10.1257/mic.20220051.
• John M. Barrios & Thomas G. Wollmann, 2024, "A New Era of Midnight Mergers: Antitrust Risk and Investor Disclosures," American Economic Journal: Microeconomics, American Economic Association, volume 16, issue 4, pages 77-111, November, DOI: 10.1257/mic.20220064.
• Claudio Ceccarelli & Antonio Cappiello, 2024, "OECD PMR Indicators on Professional Services: Top Performances or Outliers?," Working Papers AFED, Association Francaise d'Economie du Droit (AFED), number 24-01, Jan.
• Paul Heidhues & Mats Köster & Botond Kőszegi, 2024, "A Theory of Digital Ecosystems," ECONtribute Discussion Papers Series, University of Bonn and University of Cologne, Germany, number 329, Jul.
• Andrey E. Shastitko & Olga A. Markova & Anton N. Morozov, 2024, "Antitrust risks of platform pricing," Russian Journal of Economics, ARPHA Platform, volume 10, issue 2, pages 151-167, July, DOI: 10.32609/j.ruje.10.117650.
• Chiara Fumagalli & Massimo Motta, 2024, "Economic Principles for the Enforcement of Abuse of Dominance Provisions," Working Papers, Barcelona School of Economics, number 1431, Mar.
• Esmée S. R. Dijk & José L. Moraga‐González & Evgenia Motchenkova, 2024, "How Do Start‐up Acquisitions Affect the Direction of Innovation?," Journal of Industrial Economics, Wiley Blackwell, volume 72, issue 1, pages 118-156, March, DOI: 10.1111/joie.12349.
• Markus Dertwinkel‐Kalt & Christian Wey, 2024, "Resale Price Maintenance in a Successive Monopoly Model," Journal of Industrial Economics, Wiley Blackwell, volume 72, issue 2, pages 729-761, June, DOI: 10.1111/joie.12368.
• Sandro Shelegia & Yossi Spiegel, 2024, "Horizontal Partial Cross Ownership and Innovation," Journal of Industrial Economics, Wiley Blackwell, volume 72, issue 4, pages 1397-1450, December, DOI: 10.1111/joie.12392.
• Lachlan Hotchin & Andrew Leigh, 2024, "Inequality and Market Concentration: New Evidence from Australia," Review of Income and Wealth, International Association for Research in Income and Wealth, volume 70, issue 4, pages 1216-1225, December, DOI: 10.1111/roiw.12679.
• Patrick Rey & Yossi Spiegel & Konrad Stahl, 2024, "A Dynamic Model of Predation," CRC TR 224 Discussion Paper Series, University of Bonn and University of Mannheim, Germany, number crctr224_2024_529, Apr.
• Martin Peitz, 2024, "The Economic Theory of Two-Sided Platforms," CRC TR 224 Discussion Paper Series, University of Bonn and University of Mannheim, Germany, number crctr224_2024_584, Aug.
• Jens-Uwe Franck & Martin Peitz, 2024, "Germany’s New Competition Tool: Sector Inquiry With Remedies," CRC TR 224 Discussion Paper Series, University of Bonn and University of Mannheim, Germany, number crctr224_2024_598, Sep.
• Cheffins Brian R., 2024, "Getting Antitrust and History in Tune," Accounting, Economics, and Law: A Convivium, De Gruyter, volume 14, issue 1, pages 67-131, February, DOI: 10.1515/ael-2021-0084.
• Liu Shuaicheng, 2024, "Collusive Price Leadership Among Firms with Different Discount Factors," The B.E. Journal of Theoretical Economics, De Gruyter, volume 24, issue 2, pages 487-518, DOI: 10.1515/bejte-2023-0112.
• Obradovits Martin, 2024, "Asymmetric Pricing Caused by Collusion," Review of Network Economics, De Gruyter, volume 23, issue 1, pages 1-26, DOI: 10.1515/rne-2024-0023.
• Lachlan Hotchin & Andrew Leigh, 2024, "Inequality and Market Concentration: New Evidence from Australia," CESifo Working Paper Series, CESifo, number 10942.
• Patrick Rey & Yossi Spiegel & Konrad O. Stahl, 2024, "A Dynamic Model of Predation," CESifo Working Paper Series, CESifo, number 11172.
• Louis-Daniel Pape & Michelangelo Rossi, 2024, "Is Competition Only One Click Away? The Digital Markets Act Impact on Google Maps," CESifo Working Paper Series, CESifo, number 11226.
• Jay Pil Choi & Heiko Gerlach, 2024, "Patent Exhaustion and Licensing in the Supply Chain," CESifo Working Paper Series, CESifo, number 11313.
• Malek, Jan & Newham, Melissa & Seldeslachts, Jo & Veugelers, Reinhilde, 2024, "Acquiring R&D projects: who, when, and what? Evidence from antidiabetic drug development," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 18816, Feb.
• Shelegia, Sandro & Spiegel, Yossi, 2024, "Horizontal Partial Cross Ownership and Innovation," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 18968, Apr.
• Choi, Jay Pil & Jeon, Doh-Shin & Whinston, Michael D., 2024, "Tying with Network Effects," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 19076, May.
• Deng, Shanglyu & Jia, Dun & Leccese, Mario & Sweeting, Andrew, 2024, "Bargaining and Dynamic Competition," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 19241, Jul.
• Jo Seldeslachts & Jan Malek & Melissa Newham & Reinhilde Veugelers, 2024, "Übernahmen in der Pharmaindustrie: Fokus mehr auf Innovationsmärkte als auf Marktverdrängung richten," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 91, issue 37, pages 579-585.
• Jan Malek & Melissa Newham & Jo Seldeslachts & Reinhilde Veugelers, 2024, "Acquiring R&D Projects: Who, When, and What? Evidence from Antidiabetic Drug Development," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 2073.
• Sato, Susumu, 2024, "Conflict between consumer and worker surpluses under monopoly power," Economics Letters, Elsevier, volume 234, issue C, DOI: 10.1016/j.econlet.2023.111512.
• Lømo, Teis Lunde, 2024, "Overlapping ownership, pass-through, and product differentiation," Economics Letters, Elsevier, volume 237, issue C, DOI: 10.1016/j.econlet.2024.111628.
• Brito, Duarte & Vasconcelos, Helder, 2024, "Can consumer surplus decrease with merger efficiencies?," Economics Letters, Elsevier, volume 239, issue C, DOI: 10.1016/j.econlet.2024.111732.
• Souillard, Baptiste, 2024, "Unilateral effects of mergers with price regulation and quality competition," Economics Letters, Elsevier, volume 242, issue C, DOI: 10.1016/j.econlet.2024.111885.
• Mukherjee, Arijit & Zeng, Chenhang, 2024, "Downstream cross-holdings and divestment incentives under bilateral bargaining," Economics Letters, Elsevier, volume 242, issue C, DOI: 10.1016/j.econlet.2024.111895.
• Blundell, Wesley & Devadoss, Stephen & Luckstead, Jeff, 2024, "Effects of mergers and acquisitions on food quality," Economics Letters, Elsevier, volume 244, issue C, DOI: 10.1016/j.econlet.2024.111980.
• Li, Dongxu, 2024, "Horizontal mergers and heterogeneous firm investments: evidence from the United States," Journal of Empirical Finance, Elsevier, volume 75, issue C, DOI: 10.1016/j.jempfin.2023.101464.
• Kahl, Mats Petter, 2024, "Was the German fuel discount passed on to consumers?," Energy Economics, Elsevier, volume 138, issue C, DOI: 10.1016/j.eneco.2024.107843.
• Kahl, Mats Petter, 2024, "Cross-border competition in the gasoline retail market: Impact of proximity at the German-Polish border," Energy Economics, Elsevier, volume 140, issue C, DOI: 10.1016/j.eneco.2024.107961.
• Dolgopolov, Arthur, 2024, "Reinforcement learning in a prisoner's dilemma," Games and Economic Behavior, Elsevier, volume 144, issue C, pages 84-103, DOI: 10.1016/j.geb.2024.01.004.
• Colombo, Stefano & Filippini, Luigi & Pignataro, Aldo, 2024, "Information sharing, personalized pricing, and collusion," Information Economics and Policy, Elsevier, volume 66, issue C, DOI: 10.1016/j.infoecopol.2023.101032.
• Delbono, Flavio & Reggiani, Carlo & Sandrini, Luca, 2024, "Strategic data sales with partial segment profiling," Information Economics and Policy, Elsevier, volume 68, issue C, DOI: 10.1016/j.infoecopol.2024.101102.
• Martin, Simon & Rasch, Alexander, 2024, "Demand forecasting, signal precision, and collusion with hidden actions," International Journal of Industrial Organization, Elsevier, volume 92, issue C, DOI: 10.1016/j.ijindorg.2023.103036.
• Lømo, Teis Lunde, 2024, "Overlapping ownership and input prices," International Journal of Industrial Organization, Elsevier, volume 94, issue C, DOI: 10.1016/j.ijindorg.2024.103067.
• Döpper, Hendrik & Rasch, Alexander, 2024, "Combinable products, price discrimination, and collusion," International Journal of Industrial Organization, Elsevier, volume 94, issue C, DOI: 10.1016/j.ijindorg.2024.103071.
• Feinberg, Robert & Larson, Nathan, 2024, "Multi-market contact, tacit collusion, and decentralized managerial decision-making," International Journal of Industrial Organization, Elsevier, volume 97, issue C, DOI: 10.1016/j.ijindorg.2024.103100.
• Khoo, Joye & Zheng, Chen & Pathan, Shams, 2024, "The beneficial effect of common ownership: Evidence from bank liquidity creation," Journal of Banking & Finance, Elsevier, volume 163, issue C, DOI: 10.1016/j.jbankfin.2024.107172.
• Gerlach, Heiko & Li, Junqian, 2024, "Collusion in the presence of antitrust prosecution: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, volume 222, issue C, pages 427-445, DOI: 10.1016/j.jebo.2024.04.021.
• Liebersohn, Jack, 2024, "How does competition affect retail banking? Quasi-experimental evidence from bank mergers," Journal of Financial Economics, Elsevier, volume 154, issue C, DOI: 10.1016/j.jfineco.2024.103797.
• Richards, Michael R. & Whaley, Christopher M., 2024, "Hospital behavior over the private equity life cycle," Journal of Health Economics, Elsevier, volume 97, issue C, DOI: 10.1016/j.jhealeco.2024.102902.
• Burguet, Roberto & Iossa, Elisabetta & Spagnolo, Giancarlo, 2024, "Procurement cartels and the fight against (outsider) bribing," European Journal of Political Economy, Elsevier, volume 81, issue C, DOI: 10.1016/j.ejpoleco.2024.102506.
• Abrardi, Laura & Cambini, Carlo & Pino, Flavio, 2024, "Regulating data sales: The role of data selling mechanisms," Telecommunications Policy, Elsevier, volume 48, issue 8, DOI: 10.1016/j.telpol.2024.102813.
• Ciani, Andrea & Stiebale, Joel, 2024, "Export Performance Under Domestic Anti-Dumping Protection," World Development, Elsevier, volume 183, issue C, DOI: 10.1016/j.worlddev.2024.106716.
• Lachlan Hotchin & Andrew Leigh, 2024, "Inequality and Market Concentration: New Evidence from Australia," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2024-12, Feb.
• Jan Malek & Melissa Newham & Jo Seldeslachts & Reinhilde Veugelers, 2024, "Acquiring R&D projects: who, when, and what? Evidence from antidiabetic drug development," Working Papers of Department of Management, Strategy and Innovation, Leuven, KU Leuven, Faculty of Economics and Business (FEB), Department of Management, Strategy and Innovation, Leuven, number 735739, Feb.
• Roberto Pinheiro, 2024, "Collusion in Repeated Auctions with Costless Communication," Working Papers, Federal Reserve Bank of Cleveland, number 24-21, Oct, DOI: 10.26509/frbc-wp-202421.
• Frédéric Marty, 2024, "L'Intelligence Artificielle générative et actifs concurrentiels critiques : discussion de l'essentialité des données," GREDEG Working Papers, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, number 2024-12, Apr.
• Jeanne Mouton & Benoit Rottembourg, 2024, "Auditing the Ranking Strategy of a Marketplace 's Algorithm in the Frame of Competition Law Commitments with Surrogate Models: The Amazon 's Buy Box Case," GREDEG Working Papers, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, number 2024-27, Oct.
• Patrice Bougette & Frédéric Marty, 2024, "Transport and Competition Law," GREDEG Working Papers, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, number 2024-28, Nov.
• Béatrice Boulu-Reshef & Constance Monnier, 2024, "Punitive attitudes toward cartels: evidence from an experimental study," Post-Print, HAL, number hal-04887311, Nov, DOI: 10.1007/s10657-024-09824-w.
• Frédéric Marty & Thierry Warin, 2024, "Deciphering Algorithmic Collusion: Insights from Bandit Algorithms and Implications for Antitrust Enforcement," Post-Print, HAL, number halshs-04745409, Oct, DOI: 10.1016/j.ject.2024.10.001.
• Patrice Bougette & Oliver Budzinski & Frédéric Marty, 2024, "In the Light of Dynamic Competition: Should We Make Merger Remedies more Flexible?," Post-Print, HAL, number halshs-04835537.
• Patrice Bougette & Oliver Budzinski & Frédéric Marty, 2024, "In the light of dynamic competition: should we make merger remedies more flexible?," Post-Print, HAL, number halshs-04861316, Dec, DOI: 10.1080/17441056.2024.2440228.
• Lachlan Hotchin & Andrew Leigh, 2024, "Inequality and Market Concentration: New Evidence from Australia," World Inequality Lab Working Papers, HAL, number halshs-04753385, Jun.
• Emilie Dargaud & Armel Jacques, 2024, "Slow down investigations to self-report," Working Papers, HAL, number hal-04794771, Nov.
• Jay Pil Choi & Doh-Shin Jeon & Michael Dennis Whinston, 2024, "Tying with network effects," Working Papers, HAL, number hal-04960506, Apr.
• Frédéric Marty, 2024, "L'intelligence artificielle générative et actifs concurrentiels critiques : discussion de l’essentialité des données," Working Papers, HAL, number halshs-04534327, Apr.
• Lachlan Hotchin & Andrew Leigh, 2024, "Inequality and Market Concentration: New Evidence from Australia," Working Papers, HAL, number halshs-04753385, Jun.
• Patrice Bougette & Frédéric Marty, 2024, "Transport and Competition Law," Working Papers, HAL, number halshs-04763179, Nov.
• Rupayan Pal & Emmanuel Petrakis, 2024, "Cross-ownership in duopoly: Are there any incentives to divest?," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2024-003, Feb.
• Hotchin, Lachlan & Leigh, Andrew, 2024, "Inequality and Market Concentration: New Evidence from Australia," IZA Discussion Papers, Institute of Labor Economics (IZA), number 16786, Feb.
• Béatrice Boulu-Reshef & Constance Monnier, 2024, "Punitive attitudes toward cartels: evidence from an experimental study," European Journal of Law and Economics, Springer, volume 58, issue 3, pages 481-516, December, DOI: 10.1007/s10657-024-09824-w.
• Williams Huamani & Marcelo José Braga & Lucas Campio Pinha, 2024, "Degree of product differentiation, antitrust enforcement and cartel stability," Journal of Economics, Springer, volume 141, issue 3, pages 275-287, April, DOI: 10.1007/s00712-023-00851-w.
• Hiroshi Kitamura & Noriaki Matsushima & Misato Sato, 2024, "How Does Downstream Firms’ Efficiency Affect Exclusive Supply Agreements?," Review of Industrial Organization, Springer;The Industrial Organization Society, volume 64, issue 2, pages 219-242, March, DOI: 10.1007/s11151-023-09932-y.
• Konstantinos Charistos, 2024, "Marker Systems in Leniency Policies," Review of Industrial Organization, Springer;The Industrial Organization Society, volume 65, issue 3, pages 745-757, November, DOI: 10.1007/s11151-024-09955-z.
• Noriyuki Doi, 2024, "Distribution and Competition Policy in the Japanese Machine Tool Industry: A Survey," Discussion Paper Series, School of Economics, Kwansei Gakuin University, number 265, Jan.
• Shuai Niu, 2024, "Entry-Deterrent Licensing Revisited," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, volume 180, issue 3, pages 511-528, DOI: 10.1628/jite-2024-0021.
• Uday Bhanu Sinha, 2024, "FDI and International Collusion," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, volume 180, issue 3, pages 529-555, DOI: 10.1628/jite-2024-0026.
• Kei Kawai & Jun Nakabayashi, 2024, "A Field Experiment on Antitrust Compliance," NBER Working Papers, National Bureau of Economic Research, Inc, number 32347, Apr.
• Shanglyu Deng & Dun Jia & Mario Leccese & Andrew Sweeting, 2024, "Bargaining and Dynamic Competition," NBER Working Papers, National Bureau of Economic Research, Inc, number 32360, Apr.
• Keith M. Drake & Thomas McGuire, 2024, "Using Stock Price Movements to Estimate the Harm from Collusive Drug Patent Litigation Settlements," NBER Working Papers, National Bureau of Economic Research, Inc, number 33196, Nov.
• Alberto González Pandiella & Alessandro Maravalle, 2024, "Harnessing nearshoring opportunities in Mexico by boosting productivity and fighting climate change," OECD Economics Department Working Papers, OECD Publishing, number 1799, May, DOI: 10.1787/0ca7fc0a-en.
• Amelia Fletcher & Jacques Crémer & Paul Heidhues & Gene Kimmelman & Giorgio Monti & Rupprecht Podszun & Monika Schnitzer & Fiona Scott Morton & Alexandre de Streel, 2024, "The Effective Use of Economics in the EU Digital Markets Act§§," Journal of Competition Law and Economics, Oxford University Press, volume 20, issue 1-2, pages 1-19.
• Keith M Drake & Thomas G McGuire, 2024, "The Simple Math of Royalties and Drug Competition During the 180-Day Generic Exclusivity Period," Journal of Competition Law and Economics, Oxford University Press, volume 20, issue 1-2, pages 50-59.