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Working Paper
The translog form and declining average costs
Working Paper
Pooling intensifies joint failure risk
Working Paper
Forecast announcements and locally persistent bias
Working Paper
Stable cartels with a Cournot fringe
Working Paper
Network diseconomies and optimal structure
This paper explores the effect on costs when firms within an industry must interact with each other in the normal course of business. Such interaction will generally cause the socially optimal scale of each firm to deviate from its minimum average cost scale. In addition, the socially optimal industry structure may be more concentrated than conventional firm-level cost studies would suggest and may also differ from the unregulated (free-entry) equilibrium structure. These concepts, while potentially applicable to several industries, are here made more precise for the banking industry, both ...