A Price Theory of Multi-Sided Platforms By E. G LEN W EYL∗ Draft: October 6‚ 2009 I develop a general theory of monopoly pricing of networks. Platforms use insulating tariffs to avoid coordination failure‚ implementing any desired allocation. Profit-maximization distorts in the spirit of Spence (1975) by internalizing only network externalities to marginal users. Thus the empirical and prescriptive content of the popular Rochet and Tirole (2006) model of two-sided markets turns on the nature
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firms: A model of myopic behavior. Quarterly Journal of Economics 104‚ 655-669. Schumpeter‚ Joseph A. Theorie der Wirtschaftlichen Entwicklung. Leipzig: Dunker & Humblot‚ (1912) Redvers Opie. Cambridge‚ MA: Harvard University Press‚ 1934.] Shleifer‚ Andrei and Vishy‚ Robert W
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Executive summary Envy Rides Incorporated is owned by Mr Hessels and he is planning a renovation and an expansion to attract more customers and to keep the image of Envy’s Rides Inc. as high as possible. In order to make this plan possible‚ Mr Hessels asked for a loan to the Genesis Bank of Canada. He requested a $60.000 long-term loan for a partial renovation for his dealership and for the tattoo extension to his shop. The second is a capital loan of $450.000 for the day-to-day operations of
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State). However the invasion led to much greater conflict in the Central Asia region. If the invasion continued‚ the boycott would take place. Not many countries governments were supportive of the boycott until January 1980‚ when Russian dissident Andrei Sakharov announced the Russian boycott of the Games. On January 14th‚ the US set a deadline and if Soviet troops were not out of Afghanistan by then they would call for an international boycott of the Games. Eventually‚ the deadline passed and the
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parents‚ Dr. Tirso Cadag Mirabueno and Mrs. Lydia Omaña Mirabueno‚ for giving him their unselfish love‚ care‚ untiring guidance‚ moral and financial support. To his family – especially his sisters Zarah‚ Arianne and Jencelle‚ and his brothers Meinard‚ Andrei‚ Eljhon and Zander – for extending him their unwavering help. To his research adviser‚ Mrs. Susana Dumayag Dado‚ for exerting her tireless effort in giving the researcher as well as his classmates wonderful tips and advices on how to come up with
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classification: G14; D81 Keywords: Behavioral finance; arbitrage; psychology; market efficiency A modified version of this paper was given as a keynote address at the July‚ 2002 APFA/PACAP/FMA meetings in Tokyo. I would like to thank Ken Froot and Andrei Shleifer for sharing their data and ideas‚ and Rongbing Huang for research assistance. Behavioral Finance 1. Introduction Behavioral finance is the paradigm where financial markets are studied using models that are less narrow than those
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MASS MERGER THE CASE OF AON SINGAPORE Our case study deals with Mass Merger. Since the 90s‚ together with the globalization of business‚ Mergers and Acquisitions have developed at an incredible pace. Thus‚ companies from all over the world can be lead to work together as one single corporation. Moreover‚ the world has become interdependent not only economically‚ but also culturally‚ that is to say one culture may influence another one or different cultures can be mixed. It is then obvious that
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and Patricia Hennessey. Abortion‚ Moral and Legal Perspectives. Amherst: University of Massachusetts Press‚ 1984. Janet‚ Gallagher. Prenatal Invasions & Interventions: What’s Wrong With Fetal Rights‚ 10 Harv. Women’s L.J. 9‚ 10-14 (1987). Marmor‚ Andrei. Philosophy of Law. Princeton‚ N.J: Princeton University Press‚ 2011. Levine C. Taking Sides: Clashing Views on Bioethical Issues‚ 14th Edition‚ Issue 8‚ 152-169
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The Cuban Missile Crisis The Days the Earth Held its Breath By Michael Karlov The twentieth century was a very dark time for mankind. Humanity had survived through two devastating World Wars‚ the Great Depression and many other revolutionary events. Moreover‚ humanity witnessed firsthand what science was able to achieve in the military sphere and how much destruction could possibly follow. After the complete obliteration of Hiroshima and Nagasaki in August 1945 with the power of state-of-the-art
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The current chapter presents the theoretical framework for the thesis and a method for the analysis. The central question of the paper regards the evolution of the EU and Estonian energy security discourses and the implications for the EU governance models in the changing global conditions. For many years‚ studies of Europe have focused on the internal processes of integration and enlargement. Nevertheless‚ in the context of growing global challenges and the need for innovative solutions for gaining
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