The new economy: Essays in network economics and two-sided markets

Following the Introduction, which surveys existing literature on the technology advances and regulation in telecommunications and on two-sided markets, we address specific issues on the industries of the New Economy, featured by the existence of network effects. We seek to explore how each one of these industries work, identify potential market failures and find new solutions at the economic regulation level promoting social welfare. In Chapter 1 we analyze a regulatory issue on access prices and investments in the telecommunications market. The existing literature on access prices and investment has pointed out that networks underinvest under a regime of mandatory access provision with a fixed access price per end-user. We propose a new access pricing rule, the indexation approach, i.e., the access price, per end-user, that network i pays to network j is function of the investment levels set by both networks. We show that the indexation can enhance economic efficiency beyond what is achieved with a fixed access price. In particular, access price indexation can simultaneously induce lower retail prices and higher investment and social welfare as compared to a fixed access pricing or a regulatory holidays regime. Furthermore, we provide sufficient conditions under which the indexation can implement the socially optimal investment or the Ramsey solution, which would be impossible to obtain under fixed access pricing. Our results contradict the notion that investment efficiency must be sacrificed for gains in pricing efficiency. In Chapter 2 we investigate the effect of regulations that limit advertising airtime on advertising quality and on social welfare. We show, first, that advertising time regulation may reduce the average quality of advertising broadcast on TV networks. Second, an advertising cap may reduce media platforms and firms' profits, while the net effect on viewers (subscribers) welfare is ambiguous because the ad quality reduction resulting from a regulatory cap o¤sets the subscribers direct gain from watching fewer ads. We find that if subscribers are sufficiently sensitive to ad quality, i.e., the ad quality reduction outweighs the direct effect of the cap, a cap may reduce social welfare. The welfare results suggest that a regulatory authority that is trying to increase welfare via regulation of the volume of advertising on TV might necessitate to also regulate advertising quality or, if regulating quality proves impractical, take the effect of advertising quality into consideration. 3 In Chapter 3 we investigate the rules that govern Electronic Payment Networks (EPNs). In EPNs the No-Surcharge Rule (NSR) requires that merchants charge at most the same amount for a payment card transaction as for cash. In this chapter, we analyze a three- party model (consumers, merchants, and a proprietary EPN) with endogenous transaction volumes and heterogenous merchants' transactional benefits of accepting cards to assess the welfare impacts of the NSR. We show that, if merchants are local monopolists and the network externalities from merchants to cardholders are sufficiently strong, with the exception of the EPN, all agents will be worse o¤ with the NSR, and therefore the NSR is socially undesirable. The positive role of the NSR in terms of improvement of retail price efficiency for cardholders is also highlighted.

Letter from the acting Secretary of War, transmitting information relative to the claims of the State of Massachusetts for payment of the expenses of the militia ordered out by the executive authority of the state, during the late war. --

15th Congress, 1st session, 1817-1818, House. Doc. 81.

Message from the President of the United States, in relation to the claim of Virginia, an account of interest paid by that State, on moneys borrowed for the payment of the militia thereof, for services rendered the United States.--

April 13, 1824. Printed by order of the Senate of the United States.

Letter from the acting Secretary of War, transmitting information relative to the claims of the State of Massachusetts for payment of the expenses of the militia ordered out by the executive authority of the state, during the late war

15th Congress, 1st session, 1817-1818, House. Doc. 81. February 20, 1817. Read, and ordered to lie upon the table.

Message from the President of the United States, in relation to the claim of Virginia, an account of interest paid by that State, on moneys borrowed for the payment of the militia thereof, for services rendered the United States

April 13, 1824. Printed by order of the Senate of the United States. At head of title: 18th congress, 1st session. [64]. Printed by Cales and Seaton

Payment for Property - War of 1812-14 (1824)

Government report in congress discussing payment for property during the War of 1812.

Place Setting Cards (Various)

Numerous place setting cards with the following names: Mrs. Hamilton K. Woodruff (several), Miss. Addie M. Shaw, Miss Lucilla C. Harris.

Niagara Falls Stereo Cards collection, 1885-1903, n.d.

This collection contains 40 stereo cards of Niagara Falls and the Niagara River. Images include Niagara Falls in winter (the ice bridge); Prospect Point; the Whirlpool Rapids and the Whirlpool; the Upper River rapids; the Maid of the Mist; and Dixon crossing the Niagara River on a tightrope below the Great Cantilever Bridge. Twenty of the cards were published by Underwood & Underwood. The remaining cards are from various publishers including Keystone View Company, American Stereoscopic, Griffith & Griffith, H.C. White Company, E. & H.T. Anthony & Company, and Realistic Travels Publisher. George E. Curtis and Geo. Barker are listed as photographers on a few of the cards.

Receipt of Payment by John McDonagh

Receipt of payment by John McDonagh for 5 pounds, 50 pence, March 24, n.d.

Various Cards

1. Notice of a testimonial to Samuel Zimmerman to be held at Moffatt’s Hotel, Niagara Falls on Feb. 13th 1854. Members of the committee were Walter H. Dickson, Daniel McDougal, William Kingsmill and Joseph A. Woodruff, 1854. 2. Business card of Granger and Billings House, Sign and Ornamental Painters of Queen Street, Niagara Falls, 1855. 3. Membership card of Agricultural Society, Electoral Division No. 25 of the Town and Township of Niagara made out to W. S. Winterbottom, 1881. 4. Invitation to the Centennial Celebration of the settlement of the Niagara District by the United Empire Loyalists to be held on Aug. 14, 1884. The card is from Dan Servos, secretary of the committee, June 1884.

Various Cards

1. Invitation and program to the Merritton Hose Co. No. 1 Grand Masquerade Ball and Supper. The invitation is for Mrs. J. Wilson. Ladies are by invitation only. Ladies without masks are charged 10 cents. The supper was held at the Union Hall and the dance was held in the Merritton Town Hall. Phalen’s Full Orchestra was providing the music, Feb. 16, 1900. 2. Business card of Long’s Hotel of Niagara. Rooms were $1.50 per day and the proprietor was Wm. Long, n.d. 3. Business card of Niagara Tannery of Niagara, Ontario. Blake and Burk were the proprietors. They were wholesale manufacturers of oak tanned, hose, belting and harness leather, n.d. 4. Business card of James B. Secord of Niagara, Ontario. His office was in the town hall. He was a notary public, conveyancer, clerk of first division court and Commissioner. He also had money to loan, n.d.

Various Cards

1. Business card of Nouveautes of Delaware Ave., Buffalo, N.Y., n.d. 2. Calling card for Mrs. Hamilton Cassels Jr., n.d. 3. 3 Calling cards for Mrs. Hamilton K. Woodruff, n.d. 4. Calling card for Miss Margaret J. Woodruff, n.d.

Various Cards

1. Calling card for Mrs. Percy Carruthers Band, n.d. 2. 2 calling cards for Mrs. Charles H. French, n.d. 3. 14 calling cards for Mr. and Mrs. Charles H. French, n.d.

Receipt for Payment to the Wardens of St. George's Church

Receipt for payment to the wardens of St. George’s Church for payment received from S.D. Woodruff for payment of 1 quarters rent of pew 15, April 1, 1880.

Payment for Shelby, Cunningham, Jarvis, Mater and Jones accounts

Payment for Shelby, Cunningham, Jarvis, Mater and Jones accounts. This document has some water damage which has smeared the writing but it does not affect text, July 29, 1882.