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  • 2021
  • Working Paper

Deregulation, Market Power, and Prices: Evidence from the Electricity Sector
By: Alexander MacKay and Ignacia Mercadal
When deciding whether to introduce market-based prices into a regulated market, a regulator faces the following tradeoff: profit incentives may reduce costs through the more efficient allocation of resources, but the presence of market power may lead to increased...  View Details
Keywords: Deregulation; Market Power; Markups; Prices; Electricity; Energy; Markets; Governing Rules, Regulations, and Reforms; Price
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  • 2021
  • Working Paper

Competitive Two-Part Tariffs
By: Jorge Tamayo and Guofu Tan
We study competitive two-part tariffs in a model of asymmetric duopoly firms that offer (vertically and horizontally) differentiated products. We show that the sign of the markup for each product depends on the average expected demand among all customers as well as the...  View Details
Keywords: Product Differentiation; Two-part Tariffs; Marginal-cost Pricing; Cross-subsidization; Competition; Price
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  • 2021
  • Working Paper

Competition in Pricing Algorithms
By: Zach Y. Brown and Alexander MacKay
Increasingly, retailers have access to better pricing technology, especially in online markets. Using hourly data from five major online retailers, we show that retailers set prices at regular intervals that differ across firms. In addition, faster firms appear to use...  View Details
Keywords: Pricing Algorithms; Pricing Frequency; Online Competition; Price; Technology; Competition
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  • Article

The Value of Trading Relations in Turbulent Times
By: Marco Di Maggio, Amir Kermani and Zhaogang Song
This paper investigates how dealers’ trading relations shape their trading behavior in the corporate bond market. Dealers charge lower spreads to dealers with whom they have the strongest ties and more so during periods of market turmoil. Systemically important dealers...  View Details
Keywords: Otc Markets; Network; Corporate Bonds; Crisis; Intermediation Chains; Leaning Against The Wind; Networks; Bonds; Behavior; Financial Crisis
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  • August 2001 (Revised February 2005)
  • Case

Dakota Office Products
By: Robert S. Kaplan
The senior management team of Dakota, an office products distributor, is concerned about the company's first loss in history. Explores the role for activity based costing and customer profitability measurement in a distribution company. Dakota's customers are...  View Details
Keywords: Activity Based Costing and Management; Order Taking and Fulfillment; Profit; Distribution; Customers; Distribution Industry
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  • September 1996
  • Article

Capital Market Imperfections and Countercyclical Markups: Theory and Evidence
By: Judith A. Chevalier and David S. Scharfstein
Keywords: Capital; Markets; Theory
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  • Article

Liquidity Constraints and the Cyclical Behavior of Markups
By: David S. Scharfstein and Judith A. Chevalier
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  • Research Summary

Overview
By: Alexander J. MacKay
Professor MacKay combines theory and measurement to deliver new insights about price competition. In current and published papers, his research addresses how strategic pricing decisions may be influenced by algorithms, long-term contracts, vertical restraints, and...  View Details
Keywords: Competition; Price Effects; Competition Policy; Algorithms; Online Competition; Dynamic Pricing

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