Stanley Reynolds

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This paper considers a market in which firms have incomplete information about a parameter of other sellers' payoff functions, e.g., a cost parameter. The dispersion of privately observed payoff parameters essentially enables firms to randomize their pricing. As the population distribution of payoff parameters collapses to a point, the distribution of(More)
The paper analyses a two-sector model of endogenous growth with two common features of economic development: stages of sustained growth and underdevelopment traps. The model also demonstrates the transitional issues of a temporary underdevelopment trap, seemingly sustainable growth, and a slowdown in productivity growth. The temporary underdevelopment trap(More)
In the process of regulatory reform in the electric power industry, the mitigation of market power is one of the basic problems regulators have to deal with. We use experimental data to study the sources of market power with supply function competition, akin to the competition in wholesale electricity markets. An acute form of market power may arise if a(More)
We investigate the effectiveness of passenger shipping cartels in regulating migration across the Atlantic during the early twentieth century. We assemble from primary sources a detailed database of passenger flows and cartel operations and show that cartel operation reduced migratory flows by approximately 20% to 25%. Moreover, there is some evidence that(More)
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