Donald Hay

University of Oxford, Oxford, England, United Kingdom

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Publications (3)0 Total impact

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    Howard William Smith, Donald Hay
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    ABSTRACT: We develop a model of competition between shopping centers, comparing competitive outcomes in three alternative modes of retail organization, namely: streets (in which neither developers or retailers internalize agglomeration effects between products); malls (in which developers internalize); and supermarkets (in which both developers and retailers internalize). For a fixed number of centers: (i) converting streets to malls intensifies developer (but not retailer) competition, which increases product range (i.e., the number of shops built by the developers) and consumer surplus, reduces profits, and has ambiguous effects on welfare; (ii) converting streets to supermarkets intensifies retailer and developer competition, has ambiguous effects on product range (number of shops), reduces profits, and increases social welfare. With free entry both conversions reduce the number of centers and, if there is excess entry, conversion to supermarkets (but not malls) unambiguously increases welfare. Copyright Blackwell Publishing 2005.
    Journal of Economics & Management Strategy 02/2005; 14(1):29-59.
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    ABSTRACT: For many years now, the Internet seemed to be open, free, and competitive. Internet entrepreneurialism was high, financing easy, entry barriers low. But now, in the wake of the Internet's bursting bubble, the reality of that competitiveness deserves a second look: Is the Internet still as open and competitive as it used to be, or is it becoming concentrated and dominated by a few firms with market power? To even ask this question raises emotional responses, so deeply held is the Internet's self-image of openness and competitiveness, in contrast to the stodginess of the telecom, print, and TV industries.Many people even have difficulty with the very concept of looking at the Internet as an industry. The early phases of the medium were indeed dominated by government, universities, and non-profit entities, all operating outside of private markets. But even when the Internet became commercialized, it was frequently asserted that the new 'bit economy' operated on fundamentally different principles than the traditional 'atom economy'.Today, a more balanced perspective has become possible and necessary. This starts with the recognition that the Internet is a set of interacting activities provided by a variety of business firms, operating in interacting sub-markets. The structure of those markets affect, in the classic paradigm of industrial economics, the behavior and hence the performance of these firms. A prime measure for market structure is the extent of market concentration; it is an indicator and predictor of competitive behavior. Since the Internet has been arguably the major force for economic, societal, and cultural innovation in society in recent years, the extent of the competitive forces driving it is significant far beyond the sector itself.
    08/2003;
  • Donald Hay
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    ABSTRACT: The paper analyses the effects of the 1990 Brazilian trade liberalizaton on the total factor productivity, market share and profits of a sample of 318 large manufacturing firms. A panel data production function analysis for the period 1986/94 indicates very large total factor productivity gains in the period to 1994, which were accompanied by large falls in market shares and profits. The explanation advanced is that the shock of trade liberalization to profits was so great that firms were stimulated to improve their efficiency dramatically.
    09/2002;