This letter will take an example from the Japanese local telecommunications industry in the 1990s and analyze the cost structures of a basic service and an advanced service, focusing on the economies of scale and scope. Here, the basic service is defined as the plain old telephone service (POTS) while the advanced service the leased circuit service. There are three points we will make: first, t...

where Ω is an open connected subset of R with a sufficiently smooth boundary, ρ and θ are sufficiently smooth scalar functions on Ω bounded below by a positive number, and u is a function on Ω that does not vanish uniformly. This eigenvalue PDE is the standard idealization of finding the vibrational modes of a thin plate clamped at the edges, in which the stiffness of the plate is given by θ, t...

Nuptial gifts are food items or inedible tokens that are transferred to females during courtship or copulation . Tokens are of no direct value to females, and it is unknown why females require such worthless gifts as a precondition of mating. One hypothesis is that token giving arose in species that gave nutritious gifts and males exploited female preferences for nutritional gifts by substituti...

one of the most important and enduring questions in the sphere of political thought is the kind of the relationship between ethics and politics. the outcome of such a debate has led to the formation and development of different perspectives. while some scholars believe that there is a practical paradox between exercising effective political power and observing ethical principles, others assume ...

Entrepreneurs need cash to finance their investments. Since cash is costly to hold, entrepreneurs underinvest. If entrepreneurs are able to access secondary financial markets, then they can sell some of their less liquid assets for cash and invest at a higher level. When the secondary financial markets are over-the-counter (OTC), the amount of liquidity (cash) that is in the market affects asse...

We examine the length of time between when an individual feels sick and when he/she visits a doctor using survival analysis to capture the dynamic aspects of this behavior. If the disease is light, actions such as OTC medicine or sick leave are alternatives to visiting a clinic or a hospital immediately. The timing of the visit depends only the person’s decision, not on a doctor’s, so we can li...

We study the efficiency of dealers’ liquidity provision and the desirability of policy intervention in over-the-counter (OTC) markets during crises. Our theory emphasizes two key frictions in OTC markets: finding counterparties takes time, and trade is bilateral, with quantities and prices determined by bargaining. We model a crisis as a negative shock to investors’ asset demands that lasts unt...